XGT XG Tech Regs

TIDMXGT TIDMXGTU

RNS Number : 7674J

xG Technology Inc.

19 July 2013

July 19, 2013

xG Technology, Inc.

("xG", "xG Technology" or the "Company")

Pricing of U.S. Public Offering on NASDAQ

xG Technology, the developer of a portfolio of wireless communications technologies, including cognitive radio networks, is pleased to announce that yesterday it priced its public offering in the United States of 1,337,792 shares of common stock, and warrants to purchase up to an aggregate of 668,896 shares of common stock, at an initial public offering price of $5.50 per share and $0.01 per warrant. The warrants have a per share exercise price of $6.87, are exercisable immediately, and expire 5 years from the date of issuance. The Shares commenced trading on the NASDAQ Capital Market at 9.30am (EST) on July 19, 2013 under the symbol "XGTI." The closing of the offering is scheduled to take place on July 24, 2013, subject to customary closing conditions.

The Company will receive approximately $7,357,856 in gross proceeds from the Offering. The Company intends to use its net proceeds (gross proceeds less fees and expenses related to the Offering), for general corporate purposes, including working capital, product development, marketing activities, expanding our internal sales organization and further developing sales channels, funding the set-up of contract manufacturing production lines and other capital expenditures.

Feltl and Company and Aegis Capital Corp. are acting as the joint book-running managers for the offering. Academy Securities, Inc. is acting as co-manager.

A registration statement on Form S-1 relating to the shares and warrants was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's web site at http://www.sec.gov. Copies of the final prospectus relating to the Offering, when available, may be obtained from the offices of Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email:

prospectus@aegiscap.com., or from the above-mentioned SEC website.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

END

Contacts

 
 xG Technology, Inc.                        www.xgtechnology.com 
 John Coleman, Chief Executive Officer      +1 212 651 4219 
 Roger Branton, Chief Financial Officer     +1 212 651 4219 
 James Woodyatt, Investor Relations         +1 954 572 0395 
 
 Allenby Capital Limited                    www.allenbycapital.com 
 (Nominated Adviser and Joint Broker) 
 Nick Naylor                                +44 20 3328 5656 
 Mark Connelly                              +44 20 3328 5656 
 
 First Columbus LLP (Joint Broker)          www.first-columbus.com 
 Chris Crawford                             +44 20 3002 2070 
 
 Fusion PR (Media and Analyst Relations)    www.fusionpr.com 
 David Worthington                          +1 212 651 4200 
 

ABOUT xG TECHNOLOGY

xG Technology has developed a broad portfolio of innovative intellectual property that we believe will enhance wireless communications. Its patented intellectual property portfolio covers a wide range of applications, including smart wireless networks that can help address the global wireless spectrum crisis through advanced technology. xG is commercializing some of these technologies to create xMax, a cognitive, or 'smart', radio network system. The Company's technology provides ways to increase the efficient use of spectrum, allowing network operators to offload existing voice or data traffic, reduce dropped calls, and enhance network capacity for their customers. xMax's standards-based IP architecture minimizes network deployment, management and operational costs while simplifying the delivery of high quality fixed and mobile voice and data services. xMax can enhance and extend wireless networks, and provides an economical last mile solution for hard to reach customers and devices. Using field-proven technology, xMax enables the delivery of mobile broadband services to consumers, agencies and enterprises worldwide in both licensed and free unlicensed bands. In the U.S., the Company has 44 patents granted, 16 patent applications pending, and 4 provisional applications pending. Internationally, we have 66 patents granted, 66 patent applications pending, and 10 Patent Cooperation Treaty (PCT) applications. For more information, please visit www.xgtechnology.com.

Cautionary Statement Regarding Forward Looking Statements

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

Except for the historical information contained herein, the matters discussed are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements involve risks and uncertainties as set forth in the Company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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