Why Are eMagin Shares Trading Higher Wednesday

eMagin Corp EMAN shares are trading higher Wednesday since it inked a deal to get acquired by Samsung Electronics Co, Ltd's SSNLF Samsung Display Co, Ltd.
Samsung proposes to snap eMagin for $2.08 per share in cash in a transaction valued at approximately $218 million.
eMagin is a U.S.-based developer, designer, and manufacturer of Active-Matrix OLED microdisplays for high-resolution, AR/VR, and other near-eye imaging products.
The purchase price represents a premium of approximately 10% to eMagin's closing stock price of $1.89 on May 16, 2023.
CEO of Samsung Display, Joo Sun Choi, emphasized the strategic significance of the acquisition, stating, "We expect XR (Extended Reality) devices to have significant potential of growth in the future, and eMagin's technology in this space will enable Samsung to offer innovative products to more customers and strengthen its XR-related business."
The transaction will likely close in the second half of 2023.
Price Action: EMAN shares traded higher by 5.29% at $1.99 on the last check Wednesday.