eMagin to Merge with Samsung Display

eMagin Corp., a designer and manufacturer of active-matrix OLED microdisplays for high-resolution, augmented reality/virtual reality and other near-eye imaging products, will merge with Samsung Display Co. Ltd. Under the terms of the agreement, all outstanding shares of eMagin common stock on a fully diluted basis will be acquired for $2.08 per share in cash, in a transaction worth approximately $218 million.

eMagin uses a direct patterning technique to make its active-matrix organic LED microdisplays. The technique produces red, green, and blue light-emitting layers on a substrate to eliminate the need for color filters, which are commonly used in microdisplay architectures.

The company reported full-year 2022 revenue of $30.5 million, citing positive results from shipments of displays used in the Enhanced Night Vision Goggle-Binocular (ENVG-B) program, along with displays for thermal weapon sights and medical applications. In releasing its full-year 2022 earnings report in March, the company said that it plans to present its next set of direct-patterned technology-based products to customers this year. The company will continue to maintain its operations and facilities in Hopewell Junction, N.Y., following the acquisition.