xG Technology, Inc. (NASDAQ: XGTI, XGTIW) has priced a public offering of 3,556,660 Units, at a price of USD1.00 per unit, the company said.
Each unit consists of one share of its Series B Convertible Preferred Stock and 0.5 of a Warrant to purchase one share of its common stock at an exercise price of USD0.21 per Warrant. xG expects to receive approximately USD3,556,660 in gross proceeds, before deducting placement agent fees and offering expenses payable by xG.
xG 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.
Roth Capital Partners is serving as the placement agent for the offering.
xG has created a broad portfolio of intellectual property that makes wireless networks more intelligent, accessible, affordable and reliable. xG has created xMax, a patented all-IP cognitive radio technology that enables robust mobile broadband communications for private, consumer and government networks. xMax can solve the crisis facing the wireless industry caused by data-hungry devices and applications that are straining network capacity.
Based in Sarasota, Florida, xG has 50 US and more than 100 international patents and pending patent applications.
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