TIDMXGT TIDMXGTU
RNS Number : 7583V
xG Technology Inc.
17 December 2013
xG Technology, Inc.
("xG", "xG Technology" or the "Company")
Closing of Over-Allotment Option
xG Technology, Inc. (Nasdaq: XGTI), a developer of wireless
communications and spectrum sharing technologies, announces that it
closed on a partial over-allotment associated with its previously
announced underwritten public offering of its common stock, further
details of which were announced on November 19, 2013. After giving
effect to this option exercise, under which a further 255,000
shares of common stock have been issued, 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.
Application has been made for the 255,000 shares of common stock
issued under the over-allotment option to be admitted to trading on
AIM ("Admission"). It is anticipated that Admission will occur on
or around December 23, 2013.
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 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 technologythat enables spectrum sharing.
xMax can solve the crisis facing the wireless industrycaused 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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