EMAN - Samsung Display Completes Acquisition of eMagin | Benzinga
HOPEWELL JUNCTION, N.Y. and SEOUL, Republic of Korea, Oct. 18, 2023 (GLOBE NEWSWIRE) -- eMagin Corporation (NYSE:EMAN) ("eMagin" or the "Company"), a U.S.-based leader in the development, design, and manufacture of Active-Matrix OLED microdisplays for high-resolution, AR/VR and other near-eye imaging products, today announced the completion of its acquisition by Samsung Display Co., Ltd. ("Samsung Display"), a subsidiary of Samsung Electronics Co., Ltd. and manufacturer and distributor of display products, for $2.08 per share in an all-cash transaction valued at approximately $218 million.
"I know I speak for everyone at eMagin when I say that we are very excited to be teaming with Samsung Display, a global leader in display technology," said Andrew G. Sculley, eMagin's Chief Executive Officer. "Together, we will be able to achieve the full potential of eMagin's next-generation AR/VR solutions. In the near term, our customers will benefit from significant improvements to our production capabilities in terms of yield, efficiency, and quality control. Over the longer term, we will look to develop new applications and new markets for our microdisplay technology.
"We will continue to operate under the eMagin name in our Hopewell Junction, New York facilities and serve our valued military, medical and commercial customers. We are confident that with the assistance of Samsung Display we can reach even greater levels of quality, resolution and luminance for our displays and accelerate the development of our Direct Patterning Technology, dPd."
"The eMagin team shares Samsung Display's commitment to connecting people and technology in meaningful and valuable ways by creating displays that go beyond the user's imagination," said Joo Sun Choi, President and CEO of Samsung Display. "We will provide the scale, platform and complementary technologies that eMagin needs to accelerate its growth while we leverage our combined teams and resources to produce greater value for our customers. We look forward to helping eMagin achieve its goal of transforming the way the world consumes information."
With the completion of the transaction, shares of eMagin common stock have ceased trading and, once the delisting application becomes effective with the Securities and Exchange Commission (the "SEC"), will no longer be listed on the NYSE American exchange.
The parties have selected Continental Stock Transfer & Trust Company as the paying agent for the merger consideration.
About eMagin Corporation
eMagin is the leader in OLED microdisplay technology, enabling the ...