xG Technology Inc. Pricing of Public Offering of Common Stock (9043S)
November 13 2013 - 4:24AM
UK Regulatory
TIDMXGT TIDMXGTU
RNS Number : 9043S
xG Technology Inc.
13 November 2013
November 13, 2013
xG Technology, Inc.
("xG", "xG Technology" or the "Company")
xG Technology, Inc. Announces Pricing of Public Offering of
Common Stock
xG Technology, Inc. (Nasdaq: XGTI; AIM: XGTU.L, XGT.L) ("xG" or
the "Company"), a developer of wireless communications and spectrum
sharing technologies, announces the pricing of an underwritten
public offering of 5,715,000 shares of common stock in the United
States at a public offering price of $1.75 per share. The Company
expects to receive approximately $10,000,000 in gross proceeds,
before underwriting discounts and commissions and offering expenses
payable by the Company. The Company has granted the representative
of the underwriters a 45-day option to purchase up to 857,250
additional shares of common stock.
The Company intends to use the net proceeds received from the
offering for general corporate purposes, including working capital,
product development and fulfillment, marketing activities,
expansion of internal sales organization, further development of
sales channels, funding the set-up of contract manufacturing
production lines, and other capital expenditures.
The offering is expected to close on November 18, 2013, subject
to customary closing conditions. Application will be made for the
common stock to be issued under the public offering and the 45-day
option to be admitted to trading on AIM.
Aegis Capital Corp. and Feltl & Company are acting as joint
book-running managers for the offering.
A registration statement on Form S-1 relating to the shares 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 a
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.
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
LHA (Investor Relations) www.lhai.com
Jody Burfening/Carolyn Capaccio
LHA (Investor Relations)
www.lhai.com
(212) 838-3777 + 212 838-3777
ABOUT xG TECHNOLOGY
xG Technology develops a broad portfolio of intellectual
property to make wireless networks more intelligent, accessible,
affordable and reliable. The company has created xMax, a patented
all-IP cognitive radio technology that enables spectrum sharing.
xMax can solve the crisis facing the wireless industry caused by
data-hungry devices and applications that are straining network
capacity. It eliminates the need to acquire scarce and expensive
licensed spectrum, thus lowering the total cost of ownership for
wireless broadband access. xG's goal is to help wireless broadband
network operators make more efficient use of their spectrum
allocations and to create new opportunities for innovation in
unlicensed spectrum. The xMax cognitive radio system incorporates
advanced optimizing technologies that include spectrum sharing,
interference mitigation and self-organizing networks. xG offers
solutions for numerous industries worldwide, including urban and
rural wireless broadband, utilities, defense, emergency response
and public safety.
Based in Sarasota, Florida, xG has over 60 U.S. and over 130
international patents and pending patent applications, and its
technology is available for licensing in both domestic and foreign
markets. xG is a publicly traded company listed on the NASDAQ
Capital Market and on the London Stock Exchange's Alternative
Investment Market (AIM). On the NASDAQ, xG common stock is traded
under the symbol XGTI and xG warrants are traded under the symbol
XGTIW. On the AIM, xG's unrestricted shares trade under the stock
symbolXGTU.L and xG's restricted 'Reg S' shares trade under the
stock symbolXGT.L.
For more information, please visit www.xgtechnology.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the intended terms of the offering, closing of the
offering and use of any proceeds from the offering. When used
herein, the words "anticipate," "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as
they relate to xG Technology, Inc., its subsidiaries, or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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