SARASOTA, Fla., Aug. 18, 2017 /PRNewswire/ -- xG®
Technology, Inc. ("xG", "xG Technology", or the "Company") (Nasdaq:
XGTI, XGTIW), a leading provider of wireless video solutions to
broadcast, law enforcement and defense markets, and private mobile
broadband networks for critical communications, today announced the
closing of its previously announced registered direct offering of
1,560,978 shares of its common stock at a an offering price of
$2.05 per share and its concurrent
private placement of common stock purchase warrants (the
"Warrants") to purchase 780,489 shares of common stock. The
Warrants have a per share exercise price of $2.50, are exercisable immediately and will
expire five (5) years from the date of issuance.
Gross proceeds to xG from these offerings are approximately
$3,200,000, before deducting
placement agent fees and other estimated offering expenses.
The Company intends to use the net proceeds from these offerings
for working capital and other general corporate purposes.
Aegis Capital Corp. acted as the sole placement agent in
connection with these offerings. Maxim Group LLC served as a
financial advisor to xG.
The Shares were offered by the Company pursuant to a
registration statement (File No. 333-197820) filed with the
Securities and Exchange Commission (the "SEC") that was declared
effective on August 21, 2014, as
supplemented by the prospectus supplement dated August 15, 2017, and filed with the SEC on
August 17, 2017. The registration
statement and prospectus are available on the SEC's website located
at http://www.sec.gov/. Copies of the prospectus supplement and the
accompanying base prospectus relating to this offering may be
obtained, when available, from Aegis Capital Corp., 810 7th Avenue,
18th Floor, New York, NY 10019 or
via telephone at 212-813-1010 or
email: prospectus@aegiscap.com.
The Warrants were offered pursuant to the exemption from
registration afforded by Section 4(a)(2) under the Securities Act
of 1933, as amended (the "Act"), and Regulation D promulgated
thereunder. Such Warrants and the common shares issuable upon
exercise of such Warrants have not been registered under the Act,
and may not be offered or sold in the
United States absent registration with the SEC or an
applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About xG Technology, Inc.
xG Technology's brands provide wireless video solutions to
broadcast, law enforcement and defense markets, and private mobile
broadband networks for use in challenging environments. xG's brand
portfolio includes Integrated Microwave Technologies (IMT),
Vislink, and xMax.
IMT has pioneered advanced digital microwave systems and is a
trusted supplier to broadcast, sports and entertainment, and MAG
(Military, Aerospace & Government) markets. Their products are
recognized for their high level of performance, reliability, build
quality, extended operating ranges and compact form factors. More
information about IMT can be found at www.imt-solutions.com.
Vislink specializes in the wireless capture, delivery and
management of secure, high-quality, live video, and serves
broadcast & media and public safety & surveillance markets.
More information about Vislink can be found at
http://www.vislink.com/.
xMax is a secure, rapid-deploy mobile broadband system
that delivers mission-assured wireless connectivity in demanding
operating environments. It was designed to serve as an
expeditionary and critical communications network for use in
unpredictable scenarios and during fluid situations, making it
ideal for disaster response, emergency communications, and defense
applications. More information about xMax can be found at
http://www.xgtechnology.com/system-overview/. In addition to the
above business lines, xG has a dedicated Federal Sector Group (xG
Federal) focused on providing next-generation spectrum sharing
solutions to national defense, scientific research and other
federal organizations. Additional information about xG Federal can
be found at http://www.xgtechnology.com/technology/xg-federal/.
Based in Sarasota, Florida, xG
Technology has over 100 patents and pending patent applications. xG
is a publicly traded company listed on the NASDAQ Capital Market
(symbol: XGTI) 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 and
regarding the closing of the offering and anticipated use of
proceeds. 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
xG Technology:
Daniel Carpini
941-953-9035
daniel.carpini@xgtechnology.com
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SOURCE xG Technology, Inc.