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: email@example.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.
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