TIDMXGT TIDMXGTU
RNS Number : 4221T
xG Technology Inc.
19 November 2013
November 19, 2013
xG Technology, Inc.
("xG", "xG Technology" or the "Company")
xG Technology Announces Closing of Public Offering of Common
Stock; Application for Admission of Shares to AIM
xG Technology (Nasdaq: XGTI; AIM: XGTU.L, XGT.L), is pleasedto
announce that it has closed the underwritten public offering on the
NASDAQ Capital Market (the "Offering") of shares of its common
stock of $0.00001 each ("Shares") previously announced on November
13, 2013. The Company offered 5,715,000 Shares at $1.75 per Share
to the public. xG received gross proceeds from the Offering, before
deducting the underwriting discount and estimated Offering expenses
payable by xG, of approximately $10,000,000.
xG intends to use the proceeds of the Offering for general
corporate purposes, including working capital, product development,
marketing activities, expanding its internal sales organization and
further developing sales channels, funding the set-up of contract
manufacturing production lines and other capital expenditures.
Aegis Capital Corp. and Feltl and Company acted as the
book-running managers for the Offering.
The Offering is being made pursuant to a registration statement
on Form S-1 that xG Technology has filed with the Securities and
Exchange Commission ("SEC") and which is effective. A final
prospectus supplement containing important information relating to
these securities was filed with the SEC. Copies of the final
prospectus supplement relating to these securities may be obtained
by contacting Aegis Capital Corp., Prospectus Department, 810
Seventh Avenue, 18th Floor, New York, NY, 10019, telephone:
212-813-1010 or email: prospectus@aegiscap.com. Electronic copies
of the prospectus supplement and accompanying prospectus will also
be available on the website of the SEC at http://www.sec.gov.
The Company confirms that application has accordingly been made
for 5,715,000 new Shares, together with up to 856,428 additional
new Shares pursuant to the exercise (if any) of an over-allotment
option granted in connection with the Offering, to be admitted to
AIM. It is expected that admission of the 5,715,000 Shares will
become effective on or about November 22, 2013. The Shares will
trade under the XGTU symbol.
The Company also confirms that application had been made for
1,599,453 new Shares to be admitted to AIM pursuant to a one-time
agreement authorized by the independent directors of the Company to
issue to MB Technology Holdings, LLC ("MBTH"), such shares
reflecting the difference in price between the Shares issued to
MBTH in March 2013 at a price of $13.30 per share in exchange for
the conversion of a May 2011 Convertible Note and the $5.50
purchase price for Shares sold in the Company's initial public
offering in the United States in July 2013. The one-time agreement
was disclosed in the registration statement on Form S-1 filed with
the SEC as notified to the market on October 24, 2013. It is also
expected that admission of the 1,599,453 new Shares will become
effective on or about November 22, 2013. The Shares will trade
under the XGT symbol.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted. The
securities being offered have not been approved or disapproved by
any regulatory authority, nor has any such authority passed upon
the accuracy or adequacy of the preliminary prospectus supplement,
the accompanying base prospectus or the registration statement.
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
symbol XGTU.L and xG's restricted 'Reg S' shares trade under the
stock symbol XGT.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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