EXHIBIT 4.26
[LETTERHEAD OF DISPLAY TECHNOLOGIES, INC. APPEARS HERE]
December 29, 1998
TO REGISTERED HOLDERS OF DISPLAY TECHNOLOGIES, INC.
REDEEMABLE COMMON STOCK PURCHASE WARRANTS
ISSUED JANUARY 13, 1994 (THE "WARRANTS"):
Pursuant to Section 8 of the Warrant Agreement, as amended (the "Warrant
Agreement"), between the Company and Continental Stock Transfer & Trust Company,
as warrant agent (the "Warrant Agent"), the Company has the right, on not less
than 30 days' notice given at any time during which the Warrants are
outstanding, to redeem all but not less than all of the Warrants at a redemption
price of $0.07 per Warrant, provided the fair market value of the Company's
Common Stock exceeds $5.83 per share for 20 consecutive business days ending
within 15 days prior to the date of notice of redemption.
Effective at the close of business on December 28, 1998, the Company
satisfied the conditions stated above for redemption of the Warrants.
Accordingly, you are hereby notified that the Company intends to redeem the
Warrants on the following terms:
1. The redemption price is $0.07 per Warrant (the "Redemption Price").
2. The date fixed for redemption is January 28, 1999 (the "Redemption
Date").
3. Warrant Certificates are to be delivered to, and the Redemption Price
will be receivable from, the Warrant Agent at the following address:
Continental Stock Transfer & Trust Company
0 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
4. The right to exercise the Warrants will terminate at 5:00 p.m. (New York
Time) on January 27, 1999, the business day immediately preceding the
Redemption Date. The Warrant Agent will assist registered Warrant
holders who wish to exercise their Warrants prior to the Redemption
Date.
5. Warrants may be exercised by tendering Warrant Certificates, together
with cash or check in the amount of the exercise price ($4.32 per
Warrant) to the Warrant Agent. Upon exercise, holders will receive one
share of the Company's common stock, par value $.001 per share, for each
Warrant exercised.
6. On and after the Redemption Date, holders of the Warrants will have no
further rights except to receive, upon surrender of their Warrants, the
Redemption Price.
7. From and after the Redemption Date, the Company will cause the Warrant
Agent, at the foregoing address of the Warrant Agent, upon presentation
and surrender to the Warrant Agent by or on behalf of the registered
holder of one or more Warrants to be redeemed, to deliver or cause to be
delivered to or upon the written order of such holder a sum in cash or
by check equal to the Redemption Price of each such Warrant.
8. From and after the Redemption Date, and upon the deposit or setting
aside by the Company of a sum sufficient to redeem all of the Warrants,
the Warrants will expire and become void and all rights under the
Warrant Agreement and under the Warrant Certificates, except for the
right to receive payment of the Redemption Price, will cease.
Very truly yours,
/s/ X. Xxxxxxx Xxxxxxxx
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X. Xxxxxxx Xxxxxxxx
President and Chief Executive Officer
