U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 31, 1997
UNIVERSAL DISPLAY CORPORATION
-----------------------------------------------
(Exact Name of Registrant Specified in Charter)
Pennsylvania 1-12031 23-2372688
- ---------------------------- ---------------- -------------------
(State of Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
Three Bala Plaza, East, Suite 104, Bala Cynwyd, Pennsylvania 19004
------------------------------------------------------------ ----------
(Address of Principal Executive Officer) (Zip Code)
Registrant's telephone number, including area code: (610) 617-4010
--------------
N/A
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
ITEM 5. OTHER EVENTS
- --------------------
As of June 30, 1997, the Company had outstanding warrants to purchase
approximately 1.1 million shares of common stock at a per share price of $3.50
which expire on September 30, 1997. As of August 31, 1997, warrants to purchase
286,250 shares of Company common stock had been exercised. The Balance Sheet at
August 31, 1997, included below, reflects the exercise of certain warrants and
the receipt by the Company of $985,825 in proceeds from such exercises. As of
September 15, 1997, additional warrants to purchase 67,500 shares of common
stock have been exercised for which the Company received an additional $204,150.
The weighted average number of shares reflected in the Consolidated Statement of
Operations for the eight months ended August 31, 1997, which is included below,
reflects the pro forma amount of shares as of September 15, 1997. The
Consolidated Statement of Operations below, reflects the shares issued through
September 15, 1997.
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARY
(a development-stage company)
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
August 31, 1997
---------------
(Unaudited)
---------------
ASSETS
- ------
<S> <C>
CURRENT ASSETS:
Cash and cash equivalents ...................................................... $1,193,718
Short term investments ......................................................... 1,149,000
Other current assets .......................................................... 38,818
----------
Total current assets ........................................................ 2,381,536
==========
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $29,237 ................ 52,704
DEPOSITS .......................................................................... 76,073
----------
Total Assets ................................................................ 2,510,313
==========
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES:
Accounts payable and accrued expenses .......................................... 27,461
----------
Total current liabilities ................................................... 27,461
==========
SHAREHOLDERS' EQUITY
Preferred Stock, par value $.01 per share, 5,000,000 shares authorized,
200,000 shares designated Series A Nonconvertible Preferred,
par value $.01 per share, 200,000 shares issued and outstanding
(liquidation value of $7.50 per share or $1,500,000) ........................... 2,000
Common Stock, par value $.01 per share, 25,000,000 shares authorized,
9,224,518 shares issued and outstanding ........................................ 92,235
Additional paid-in capital ........................................................ 8,922,308
Deficit accumulated during development-stage ...................................... (6,533,691)
----------
Total shareholders' equity .................................................. 2,482,852
----------
Total liabilities and shareholders' equity .................................. $2,510,313
==========
</TABLE>
2
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Using shares used from warrant exercises through September 15, 1997)
Period From
Inception
Eight Months (June 17, 1994)
Ended August 31, to August 31,
1997 1997
---------------- ---------------
OPERATING EXPENSES:
Research and development .............. $ 753,506 $3,775,813
General and administrative ............ 1,025,048 2,973,832
---------- ----------
Total operating expenses ........... 1,778,554 6,749,645
OTHER INCOME AND EXPENSES:
Interest income ....................... $ 97,640 $ 215,954
---------- ----------
Total other income and expenses .... 97,640
----------
NET LOSS ................................. $1,680,914 $6,533,691
---------- ----------
PRO FORMA NET LOSS PER COMMON SHARE ...... $ (0.19)
----------
PRO FORMA SHARES USED IN COMPUTING
NET LOSS PER COMMON SHARE,
AS OF SEPTEMBER 15, 1997 .............. 9,006,747
----------
3
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
UNIVERSAL DISPLAY CORPORATION
Date: September 29, 1997 ------------------------------
Sidney D. Rosenblatt
(Executive Vice President, Chief
Financial Officer, Treasurer and
Secretary)
4
