xG Technology prices offering

xG Technology, Inc. (NASDAQ: XGTI) (NASDAQ: XGTIW) has priced an offering of 14,000,000 units, at a price of USD0.07 per unit, each of which consists of one share of its common stock and a warrant to purchase one share of its common stock at an exercise price of USD0.1149 per share, the company said.

The company expects to receive approximately USD980,000 in gross proceeds, before deducting placement agent fees and offering expenses payable by xG.

xG said it intends to use the net proceeds from this offering for general corporate purposes, including working capital, product development, marketing activities, expanding its internal sales organization and further developing sales channels and other capital expenditures.

xG Technology, Inc. is a developer of patented wireless communications and spectrum sharing technologies.