Share offering nets OLED firm $250 million

March 31, 2011
Ewing, NJ—Organic light emitting diode (OLED) technology firm Universal Display Corporation (NASDAQ: PANL) has announced completion of a public offering of 5.75 million shares of its common stock at $46.00 per share. The net proceeds of $249,952,500 will be used for general corporate purposes, including the acquisition, development and license of properties, assets, entities or technologies.
Ewing, NJ—Organic light emitting diode (OLED) technology firm Universal Display Corporation (NASDAQ: PANL) has announced completion of a public offering of 5.75 million shares of its common stock at $46.00 per share. The net proceeds of $249,952,500 will be used for general corporate purposes, including the acquisition, development and license of properties, assets, entities or technologies.

The company considers itself a leader in developing and delivering OLED technologies, materials and services to the display and lighting industries. Earlier this year it announced an agreement with Moser Baer Technologies Inc., (Canandaigua, NY) a U.S. subsidiary of Moser Baer India Ltd., for technology licensing, material supply and technology assistance to support Moser Baer Technologies’ initiatives in white OLED lighting. This agreement follows a
program that the two companies announced last year in which they received $4,000,000 from the U.S. Department of Energy to design and build the first white OLED lighting pilot manufacturing facility in the United States.

Under the new agreement, Moser Baer Technologies will license Universal Display’s proprietary
PHOLED and other OLED technologies and purchase Universal Display’s energy-efficient UniversalPHOLED materials for white OLED panel manufacturing. Moser Baer Technologies and Universal Display will also work together in a five-year program to support Moser Baer’s manufacture of white PHOLED lighting products.

The establishment of Moser Baer Technologies’ pilot manufacturing facility is a key next step in the development of a manufacturing base and market for white OLED lighting products in the U.S, according to the companies who say that the resulting panels will be made available to luminaire manufacturers to help seed the market for a range of new white OLED lighting products in the $90 billion lighting market.

Source: Universal Display Corporation
Posted by:Steve AndersonSubscribe nowtoLaser Focus Worldmagazine; It’s free!
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