SARASOTA, Fla., April 22, 2014 /PRNewswire/ -- xG Technology, Inc. (Nasdaq: XGTI) ("xG" or the "Company"), announced today that it has closed the previously announced underwritten public offering of its common stock. The Company offered 5,265,000 shares of its common stock at $1.90 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.
The Company intends to use the net proceeds received from the offering for general corporate purposes, including working capital, product development and fulfillment, marketing activities, expansion of internal sales organization, further development of sales channels, finalize the transition to contract manufacturing production lines, and other capital expenditures.
Roth Capital Partners is acting as sole book-running manager, and Feltl & Company is acting as co-manager for the offering.
The offering was made pursuant to a registration statement on Form S-1 that xG 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. Electronic copies of the prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov. Copies of the final prospectus relating to the offering may be obtained from the offices of Roth Capital Partners, Prospectus Department, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147, or from the above-mentioned SEC website.This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.