UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 


 

Date of Report (Date of earliest event reported):   July 28, 2020

 


 

eMagin Corporation

(Exact name of registrant as specified in charter)

 


 



 

 

 

 

Delaware

 

001-15751

 

56-1764501

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)



700 South Drive, Suite 201
Hopewell Junction, NY 12533

(Address of principal executive office)

 

Registrant’s telephone number, including area code (845) 838-7900



 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 Securities registered pursuant to Section 12(b) of the Act:





 

 

 

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.001 Par Value Per Share

 

EMAN

 

NYSE American



Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the

Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).



 Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 



 



Item 1.01   Entry into a Material Definitive Agreement.



On July 27, 2020, eMagin Corporation issued a press release announcing a $33.6 million contract over the next thirty-three months from the Department of Defense (“DoD”). These funds are to sustain and enhance U.S. domestic capability for high resolution, high brightness OLED microdisplays that will be based on eMagin’s proprietary direct patterning technology (“dPdTM”). This investment is in addition to the $5.5 million award announced on June 11, 2020, under the Industrial Base Analysis and Sustainment (IBAS) Program for OLED Supply Chain Assurance and will be used to increase capacity and sustain operations at eMagin’s Hopewell Junction, New York, headquarters. A copy of the press release is furnished with this report as Exhibit 99.1.



The information in this Current Report on Form 8-K, including the attached exhibit, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be set forth by specific reference in such filing.



Item 9.01   Financial Statements and Exhibits.



(d)   Exhibits





 

 

Exhibit Number

 

Description

99.1

 

Press Release issued by eMagin Corporation dated July 27, 2020.


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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 



 

 

 

EMAGIN CORPORATION

 

 

 

Date: July 28, 2020

By:

/s/ Mark A. Koch

 

 

Name: Mark A. Koch



 

Title: Acting Chief Financial Officer



 







































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Exhibit - 99.1 - Press Release DOD July

 

 

 

 

 

 

Picture 1

 

Exhibit 99.1

 

eMagin Corporation Announces $33.6 million Investment by the Department of Defense

--Provides Funding for Defense Production Act Title III Project--



HOPEWELL JUNCTION, N.Y. – July 27, 2020 – eMagin Corporation, or the “Company”, (NYSE American: EMAN),  a leader in the development, design, and manufacture of Active Matrix OLED microdisplays used in military and commercial AR/VR devices, and other near-eye imaging products, today announced it has been awarded a $33.6 million contract over the next thirty three months from the Department of Defense (DoD) to sustain and enhance U.S. domestic capability for high resolution, high brightness OLED microdisplays that will be based on eMagin's proprietary direct patterning technology ("dPdTM"). This investment, which is separate from the $5.5 million award announced on June 11, 2020 under the Industrial Base Analysis and Sustainment (IBAS) Program for OLED Supply Chain Assurance, will be used to increase capacity and sustain operations at eMagin's Hopewell Junction, New York headquarters.



eMagin will use a major portion of this Defense Production Act Title III investment to install production capable dPd equipment which will significantly enhance the throughput and yield of this technology. The funding will also allow the Company to replace and update equipment to reduce production downtime and increase yield and throughput for existing displays. eMagin Corporation has been supplying OLED microdisplays for Defense Programs of Record since 2006. These systems include the Army Enhanced Night Vision Goggle Binocular, Family of Weapons Sight - Sniper, Laser Target Locating Module, Squad Binocular Night Vision Goggle, Common Laser Range Finder, Javelin Command Launch Unit, DELTA-I, and eCOSI/eCOTI, and development programs such as Joint Strike Fighter (F-35) Helmet Mounted Display System and Apache Integrated Helmet and Display Sight System. This investment will ensure that the U.S. Government continues to have access to this critical domestic capability.



Andrew Sculley, CEO, said, "We are very pleased by the DoD recognition of the value of our OLED microdisplays and technology for mission critical applications for U.S. defense programs. As a result, this investment will support the upgrade of our manufacturing processes including our innovative dPd technology, the purchase of new equipment and the hiring of additional personnel to support our growth in production."



About eMagin Corporation



The Leader in OLED microdisplay technology for the next generation of computing and imaging devices, serving world-class customers in the military and consumer, medical and industrial markets. We invent, engineer and manufacture display technologies of the future in the USA, including our Direct Patterning Technology (dPd) that will transform the way the world consumes information. Since 2001, our microdisplays have been, and continue to be, used in AR/VR, aircraft helmets, heads-up display systems, thermal scopes, night vision goggles, future weapon systems and a variety of other applications. www.emagin.com



Important Cautionary Information Regarding Forward-Looking Statements



This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation’s expectations, intentions, strategies and beliefs pertaining to future events or future financial performance including the possible receipt of additional funds from the US Government. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company’s most recent filings with the SEC. For a more complete description of the risks factors that could cause our actual results to differ from our current expectations, including impacts of the COVID-19 pandemic, please see the section entitled “Risk Factors” in eMagin’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and in any Form 10-Q filed or to be filed by eMagin, and in other documents we file with the SEC from time to time.



CONTACT



eMagin Corporation

Mark A. Koch, Acting Chief Financial Officer

845-838-7951

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Picture 1

 

Exhibit 99.1

 

mkoch@emagin.com



Affinity Growth Advisors

Betsy Brod

212-661-2231

betsy.brod@affinitygrowth.com

















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