eMagin Corporation (NYSEMKT:EMAN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
| Entry into a Material Definitive Agreement |
On December 21, 2016, eMagin Corporation (the Company) entered
into a Financing Agreement with Rosenthal Rosenthal, Inc.
(Rosenthal) that provides for up to a maximum amount of $5
million based on a borrowing base equivalent of 85% of eligible
accounts receivable (the Financing Agreement). The interest on
the Financing Agreement is equal to the Prime Rate plus 3% but
may not be less than 6.5% with a minimum monthly interest payment
of $2,000. The Company shall pay Rosenthal an annual facility fee
equal to 1% of the maximum amount borrowable under the facility.
The Financing Agreement will automatically renew on December 31,
2019 for a one year term unless written notice to terminate the
Financing Agreement is provided by either party.
The Financing Agreement is secured by a lien on all receivables,
property and the proceeds thereof, credit insurance policies and
other insurance relating to the collateral, books, records and
other general intangibles, inventory and equipment, proceeds of
the collateral and accounts, instruments, chattel paper, and
documents.
The financing agreement contains customary representations and
warranties, affirmative and negative covenants and events of
default.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number | Description | |
| 99.1 | Press Release |
About eMagin Corporation (NYSEMKT:EMAN)
eMagin Corporation is engaged in the manufacture of microdisplays using organic light emitting diode (OLED) technology. The Company designs, develops, manufactures and markets OLED on silicon microdisplays, virtual imaging products that utilizes OLED microdisplays and related products. The Company also performs research in the OLED field. The Company’s virtual imaging products integrate OLED technology with silicon chips to produce microdisplays smaller than one-inch diagonally, which when viewed through a magnifier, create virtual images that appear comparable in size to that of a computer monitor or a large-screen television. The Company offers its products to OEMs and other buyers as both separate components, integrated bundles coupled with its own optics, or full systems. The Company also offers engineering support. Its products include SVGA+ OLED Microdisplay Series, Digital SVGA OLED-XL, SXGA096 OLED-XL/XLS, SXGA OLED-XL, WUXGA OLED-XL, VGA OLED-XL and Integrated Modules. eMagin Corporation (NYSEMKT:EMAN) Recent Trading Information
eMagin Corporation (NYSEMKT:EMAN) closed its last trading session down -0.10 at 2.00 with 64,100 shares trading hands.