Warrant Exercises Garner $3.7 Million for Universal Display

Flat panel display developer Universal Display Corp. (UDC; Bala Cynwyd, PA) has exercised 1,067,725 warrants, raising $3.7 million. The warrants, which expired on April 12, had traded under the symbol PANLW and had an exercise price of $3.50 per share.

UDC has had a strategic research partnership with Princeton University and the University of Southern California (USC) for the Organic Light Emitter Project since 1994. Recently, the partnership was extended through 2002 when the Universities became shareholders in UDC, and UDC committed to continue funding the project for the next five years for applications such as flat panel displays, lasers, and light generating devices.