Universal Display Completes $16.1 Million Register
Ewing, NJ, Aug. 29--Universal Display Corporation announced today that it has completed a $16.1 million registered direct offering of 2,012,500 shares of its common stock to certain institutional investors pursuant to a Placement Agent Agreement, dated August 22, with SG Cowen Securities Corporation as placement agent. The shares issued in this offering were registered pursuant to a shelf registration statement filed with the Securities and Exchange Commission in May 2002, and declared effective on July 10, 2002. The shares of common stock were sold at $8.00 per share.
"The completion of this offering gives us the financial strength and flexibility to continue driving our proprietary OLED technologies toward commercialization," stated Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer. "The OLED market is expected to grow into a multi-billion dollar industry over the next five years, and we want to be able to continue executing our business plan and remain a leading provider of technology to this industry. The completion of this offering is an important step in achieving these goals."
A Prospectus and Prospectus Supplement may be obtained from SG Cowen Securities Corporation at 1221 Avenue of the Americas, New York, NY, 10020, or directly from the company.
