SARASOTA, Fla., Dec. 12, 2013 /PRNewswire/ -- xG Technology, Inc.
(Nasdaq: XGTI) ("xG" or the "Company"), a developer of wireless
communications and spectrum sharing technologies, announced today
that it closed on a partial over-allotment associated with its
previously announced underwritten public offering of its common
stock. After giving effect to this option exercise, the offering
involved 5,970,000 shares of common stock. The public offering
price was $1.75 per share. 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
$10,447,500. The over-allotment
option was granted by the Company in conjunction with the
underwritten public offering completed on November 18, 2013.
As previously announced, xG intends to use the proceeds of this
offering for general corporate purposes, including working capital,
product development and fulfillment, marketing activities,
expanding of 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, Inc. acted as joint
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.
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.
About xG Technology
xG Technology has created 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.
For More Information:
Media and Analyst Relations
David Worthington
Fusion PR
www.fusionpr.com
(212) 651-4200
Investor Relations
James
Woodyatt
xG Technology
www.xgtechnology.com
(954) 572-0395
Jody Burfening/Carolyn Capaccio
LHA
ccapaccio@lhai.com
(212) 838-3777
SOURCE xG Technology, Inc.
