xG Technology, Inc. (NASDAQ:XGTI) Files An 8-K Other Events
On August 18, 2017, the Company closed its previously announced
registered direct offering of an aggregate of 1,560,978 shares
(the Shares) of the Companys common stock, par value $0.00001 per
share (the Common Stock). The Company sold the Shares at a price
of $2.05 per share. The Company received gross proceeds from the
offering, before deducting placement agent fees and other
estimated offering expenses payable by the Company, of
approximately $3,200,000. Aegis Capital Corp. acted as the sole
placement agent for the offering.
On August 18, 2017, the Company also closed its previously
announced concurrent private placement for no additional
consideration, of warrants (the Warrants) to purchase 780,489
shares of Common Stock. The Warrants are exercisable immediately
on the date of issuance (the Initial Exercise Date), at an
exercise price of $2.50 per share and will expire on the fifth
(5th) anniversary of the Initial Exercise Date.
A copy of the press release announcing the closing of the
offering is attached hereto as Exhibit 99.1 and is incorporated
herein by reference. Exhibit 99.1 contains forward-looking
statements regarding the Company, and includes cautionary
statements identifying important factors that could cause actual
results to differ materially from those anticipated.
|Exhibit 99.1||Press Release, dated August 18, 2017|
xG TECHNOLOGY, INC. ExhibitEX-99.1 2 v473651_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 xG Technology Closes $3,…To view the full exhibit click
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.