xG Technology, Inc. (NASDAQ:XGTI) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03 Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year
On December 21, 2016, xG Technology, Inc. (the Company) filed a
Certificate of Designations with the Secretary of State of
Delaware, establishing the rights, preferences, privileges,
qualifications, restrictions, and limitations relating to its
Series E Convertible Preferred Stock (the Series E Preferred),
par value $0.00001 per share. The Certificate of Designations
became effective with the Secretary of the State of Delaware upon
filing. A copy of the Certificate of Designations is included in
Exhibit 3.1 to this Current Report on Form 8-K (this Report) and
is incorporated herein by reference.
Item 8.01 Other Events.
On December 27, 2016, the Company closed its previously announced
underwritten public offering of Units. The Company sold to the
underwriters an aggregate of 3,800,000 Class A Units (the Class A
Units), consisting of one share of the Companys common stock, par
value $0.00001 (the Common Stock) and 1.25 warrants (the
Warrants), each whole warrant to purchase one share of the Common
Stock, and 2,400 Class B Units (the Class B Units) consisting of
one share of the Companys Series E Preferred, together with
Warrants to purchase 625 shares of Common Stock. The Company also
granted the underwriters a 45-day option to purchase up to an
aggregate of an additional 15% of the securities sold in the
offering to cover over-allotments, if any. The Company expects to
receive approximately $8.9 million in net proceeds from the
Offering after deducting the underwriting discount and estimated
offering expenses payable by the Company. Aegis Capital Corp.
acted as sole book-running manager for the offering. A copy of
the press release announcing the closing of the offering is
attached to this Report as Exhibit 99.1 and is incorporated
herein by reference.
Item9.01 Financial Statements and Exhibits.
Certificate of Designations of Series E Convertible Preferred
Press Release of xG Technology, Inc., dated December 27,
About xG Technology, Inc. (NASDAQ:XGTI)
xG Technology, Inc. develops a portfolio of intellectual property, which is embedded in its software algorithms that offer cognitive interference mitigation and spectrum access solutions for a range of applications using commercial off the shelf devices. The Company’s products include xMax, CN5100 Mobile Hotspot, CN3100 Vehicle Modem, CN3200 Dual-Band Routing Modem, CN1100 Access Point, CN7000 Mobile Control Center and xMonitor/xDrive. The Company offers a range of frequency-agnostic cognitive radio solutions. It focuses on various industries across the world, such as telecommunications, cable, defense and public safety, municipal governments, critical infrastructure and markets ranging from rural to urban areas and expeditionary deployments. The implementation of its cognitive radio intellectual property is xMax. The Company, through Integrated Microwave Technologies, LLC (IMT), offers a spectrum of wireless video products that are built around providing a range of solutions. xG Technology, Inc. (NASDAQ:XGTI) Recent Trading Information
xG Technology, Inc. (NASDAQ:XGTI) closed its last trading session down -0.02 at 1.36 with 674,565 shares trading hands.