eMagin Corporation (NYSEMKT:EMAN) has taken a huge hit in trading today, after the company has decided to raise more funding via the offering of an additional $6 million worth of common stock at a price of just $1.50 per share. There is also the issuance of 5 1/2 year warrants to purchase up to 2.6 million shares at an exercise price of $2.05, which are exercisable 6-months after the closing of this offering, which will take place on December 23.
The additional offerings have caused a sell-off this morning, as shareholders of the Bellevue, Washington-headquartered company have become bearish. Overall though, this move will hopefully provide eMagin Corporation (NYSE MKT:EMAN) with additional liquidity that will help the OLED microdisplay manufacturer continue to grow.
The stock is down 18.18% or $0.34 following the news, hitting $1.53 per share. About 84,684 shares traded hands or 146.40% up from the average. EMAN has declined 30.22% since May 15, 2015 and is downtrending. It has underperformed the S&P500 by 27.96%.
The institutional sentiment increased to 1.5 in Q2 2015. It’s up 0.86, from 0.64 in 2015Q2. The ratio improved, as 0 funds sold all their eMagin Corporation shares they owned while 6 reduced their positions. 6 funds bought stakes while 3 increased their total positions. Institutions now own 6.49 million shares which is 207.68% more than the previous share count of 2.11 million in 2015Q2.
First Washington Corp holds 1.27% of its total portfolio in eMagin Corporation, equating to 882,425 shares. P.R. Herzig & Co. Inc. owns 20,000 shares representing 0.12% of their total US portfolio. Moreover, Alphagen Securities Llc has 0.02% of their total portfolio invested in the company, equating to 700 shares. The South Dakota-based Dorsey & Whitney Trust Co Llc has a total of 0.02% of their portfolio invested in the stock. Coldstream Capital Management Inc, a Washington-based fund reported 11,350 shares owned.
eMagin Corporation is engaged in the manufacture of microdisplays using organic light emitting diode (OLED) technology. The company has a market cap of $39.04 million. The Firm designs, develops, makes and markets OLED on silicon microdisplays, virtual imaging products, which utilizes OLED microdisplays and related products. It currently has negative earnings. The Company’s virtual imaging products integrate OLED technology with silicon chips to produce high-resolution microdisplays smaller than one-inch diagonally.