SARASOTA, Fla., Aug. 19, 2013 /PRNewswire/ -- xG Technology, Inc.
(Nasdaq: XGTI, XGTIW; AIM: XGTU.L, XGT.L) ("xG" or the "Company"),
announced today that it closed on the over-allotment associated
with its previously announced underwritten public offering of its
common stock and warrants. After giving effect to this option
exercise, the offering involved 1,538,460 shares of common stock
and 769,230 warrants to purchase an additional 769,230 shares of
common stock. The initial public offering price was $5.50 per share and $0.01 per warrant. xG received gross proceeds
from the offering, including the exercised over-allotment option,
before deducting the underwriting discount and estimated offering
expenses payable by xG, of approximately $8,469,222. The over-allotment option was
granted by the Company in conjunction with the underwritten initial
public offering completed on July 24,
2013.
As previously announced, xG intends to use the proceeds of this
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.
Feltl and Company Inc. and Aegis Capital Corp. 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 Feltl and Company, Inc., Prospectus
Department, 800 LaSalle Avenue, 2100 LaSalle Plaza, Minneapolis, MN 55402, telephone:
612-492-8800, e-mail: prospectus@feltl.com or 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 final
prospectus supplement will also be available on the website of the
SEC at http://www.sec.gov.
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 registration statement, or
the final prospectus supplement.
About xG Technology
xG Technology, Inc. is the developer of a broad portfolio of
intellectual property that makes wireless networks more
intelligent, accessible, affordable and reliable. xG has created
and patented xMax cognitive radio technology, which enables the
sharing of radio spectrum and solves the spectrum crisis faced by
the wireless industry. xMax eliminates the need to acquire scarce
and expensive licensed spectrum, thus lowering the total cost of
ownership for wireless broadband access.
xG's technology addresses the fast-growing demand from users of
data-hungry devices and applications that is straining the capacity
of existing wireless networks. The xG cognitive radio system
incorporates advanced optimizing technologies that include spectrum
sharing, interference mitigation and self-organizing networks.
These work in concert to help wireless broadband network operators
make more efficient use of existing spectrum allocations.
xG offers solutions that are applicable in 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 140 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.
For More Information:
David Worthington
Fusion PR (Media and Analyst Relations)
www.fusionpr.com
(212) 651-4200
James Woodyatt
xG Technology, Inc (Investor Relations)
www.xGtechnology.com
(954) 572-0395
SOURCE xG Technology, Inc.