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eMagin dilution -5

18:11 29-Dec-17


eMagin has filed to raise $10M through the sale of shares and warrants, just as I feared with the last report.  There are no details yet, but selling warrants is particularly troubling.  Even without them, this would almost certainly represent almost 20% dilution.  If the terms of the placement aren't good, EMAN shareholders could very well be at risk of a dreaded reverse split to avoid delisting, and then further value erosion from there.