xG Technology prices USD 3.5m offering

Wireless video solutions provider xG Technology, Inc. (Nasdaq: XGTI, XGTIW) has priced an underwritten offering of 1.75m shares of its common stock and warrants to purchase up to an aggregate of 1,312,500 shares of its common stock at a combined offering price of USD 2.00, the company said.

The warrants will have a per share exercise price of USD 2.00, will be exercisable immediately and will expire five years from the date of issuance. The gross proceeds to xG from this offering are expected to be approximately USD 3,500,000, before deducting underwriting discounts and commissions and other estimated offering expenses.

The offering is expected to close on February 14, 2017, subject to customary closing conditions.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

xG Technology is focused in delivering communications technologies that provide its customers enhanced levels of reliability, mobility, performance and efficiency in their business operations and missions. xG markets its technology solutions across three business units: Integrated Microwave Technologies (IMT), Vislink Communication Systems and xMax.