EMagin executive says Apple didn't invest in the company

Monday , February 12, 2018 - 1:50 PM

Mark Gurman

(c) 2018, Bloomberg.

EMagin Corp. Chief Financial Officer Jeffrey Lucas said on Monday that Apple didn’t invest in the company, contradicting a listing in a regulatory filing mentioning the Cupertino, California, technology giant.

Shares of EMagin, an augmented-reality display component maker, jumped as much as 41 percent earlier on Monday after a filing with the Securities and Exchange Commission surfaced listing Apple among “specified investors.” The document, from late January, proposed an EMagin share offering and also named LG Display Co., virtual-reality startup Immerex, gaming company Valve Corp., and Stillwater Holdings LLC as investors.

Lucas said EMagin listed those companies in the filing because it has had discussions with them at industry events. If those firms had decided to invest, EMagin would have given them different pricing. However, that didn’t happen, at least in Apple’s case, he said in an interview. The filing was misinterpreted, the CFO added. An Apple spokesman declined to comment.

EMagin shares gave up some of their gains in afternoon trading on Monday. The stock was up 21 percent to $1.75 at 3:18 p.m. in New York.

EMagin sells display components used to build augmented and virtual-reality headsets, according to its website. The small screens, based on organic light-emitting diode technology, are crisper than some AR and VR displays currently on the market.

Apple is working on an AR headset that could put content like games, text messages, video, and business conferencing in the wearer’s field of view. The iPhone maker hopes to have the technology ready for such a headset by the end of 2019 so that it can begin selling the product as early as 2020, Bloomberg News has reported. Apple manufacturing partner Quanta Computer Inc. invested in AR component maker Lumus late last year.


Sign up for e-mail news updates.