Announcement • Oct 19

Samsung Display Co., Ltd. completed the acquisition of eMagin Corporation (NYSEAM:EMAN) from Stillwater Holdings LLC and others.

Samsung Display Co., Ltd. entered into a definitive agreement to acquire eMagin Corporation (NYSEAM:EMAN) from Stillwater Holdings LLC and others for approximately $180 million on May 17, 2023. 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. Following the closing of the transaction, eMagin will continue to maintain its operations and facilities in Hopewell Junction, NY. In case of termination of the transaction under certain circumstances, eMagin would be required to pay Samsung Display a termination fee of $9 million. As of October 18, 2023, On closing, Jill J. Wittels, Eric Braddom, Paul Cronson, Ellen Richstone, Andrew G. Sculley and Brig. General Stephen Seay each ceased to be directors of eMagin and Seo Young Son and Yi Joon Ahn, became directors of eMagin.The transaction is subject to the approval by eMagin’s stockholders, the expiration or termination of any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, receipt of any other required governmental approvals or waivers thereof, including clearance from the Committee on Foreign Investment in the United States, and other customary closing conditions. Boards of Directors of eMagin and Samsung Display have unanimously approved the transaction. The transaction is expected to close in the second half of 2023. As of October 16, 2023, eMagin has received all regulatory approvals required to complete the merger. As of October 16, 2023, merger is expected to close on October 18, 2023. Nomura Securities International, Inc. is serving as exclusive financial advisor and fairness opinion provider to eMagin and will receive the advisory fee of $3 million as $1.0 million payable upon delivery of its opinion and $2 million payable upon consummation of the Merger.. Ross Sturman of White & Case LLP and Jocelyn Arel, Michael R. Patrone, Will Wang, Achal Oza, Liza Craig, Alexandra S. Denniston and Paul S. Jin of Goodwin Procter LLP are acting as eMagin’s legal counsel. Evercore Inc. is serving as exclusive financial advisor to Samsung Display and Daniel Kim, Brad Finkelstein, Jennifer Taylor, Ashwin Gokhale, Adit Khorana, Courtney Dyer, Jeff Walbridge, Woojae Kim, Hae-in Park, Christian Peeters, David Ribner, Owen Kim, Jameson Frazier, Lining Shan and Noah Kornblith of O'Melveny & Myers LLP are acting as legal counsels. Innisfree M&A Inc. acted as a information agent for eMagin and will be paid $40, 000 fee for soliciting proxies. EY acted as a financial advisor to Samsung Display. Continental Stock Transfer & Trust Company acted as transfer agent to eMagin. As of August 31, 2023, the shareholders of eMagin Corporation (NYSE American: EMAN) approved the merger.Samsung Display Co., Ltd. completed the acquisition of eMagin Corporation (NYSEAM:EMAN) from Stillwater Holdings LLC and others on October 18, 2023. With the completion of the transaction, shares of eMagin common stock have ceased trading and, once the delisting application becomes effective with the Securities and Exchange Commission, will no longer be listed on the NYSE American exchange.

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Samsung Display Co., Ltd. completed the acquisition of eMagin Corporation (NYSEAM:EMAN) from Stillwater Holdings LLC and others.

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