$XGTI down 44% today for following news: xG Tec
Post# of 22755
Posted On: 07/15/2016 1:54:37 PM
$XGTI down 44% today for following news:
xG Technology, Inc. Prices Underwritten Public Offering of Units
xG Technology, Inc. ("xG" or the "Company"
(Nasdaq: XGTI, XGTIW), a leader in providing critical wireless communications for use in challenging operating environments, announced today the pricing of an underwritten public offering of 7,300,000 Units, at a price of $0.685 per Unit, each of which consists of one share of its common stock and 1.25 of a Warrant to purchase one share of its common stock at an exercise price of $0.685 per share. The Company has also granted to the underwriters a 45-day option to acquire an additional 1,095,000 shares and/or 1,368,750 warrants to cover overallotments in connection with the offering. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $4.34 million, assuming no exercise of the overallotment option.
xG intends to use the net proceeds from this offering for general corporate purposes, including working capital, product development, partial reduction of liabilities, marketing activities, expanding our internal sales organization and further developing sales channels and other capital expenditures.
The offering is expected to close on July 20, 2016, subject to customary closing conditions.
Roth Capital Partners is acting as sole book-running manager for the offering. Aegis Capital Corp. is acting as co-lead manager for the offering.
xG Technology, Inc. Prices Underwritten Public Offering of Units
xG Technology, Inc. ("xG" or the "Company"
(Nasdaq: XGTI, XGTIW), a leader in providing critical wireless communications for use in challenging operating environments, announced today the pricing of an underwritten public offering of 7,300,000 Units, at a price of $0.685 per Unit, each of which consists of one share of its common stock and 1.25 of a Warrant to purchase one share of its common stock at an exercise price of $0.685 per share. The Company has also granted to the underwriters a 45-day option to acquire an additional 1,095,000 shares and/or 1,368,750 warrants to cover overallotments in connection with the offering. After the underwriting discount and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately $4.34 million, assuming no exercise of the overallotment option. xG intends to use the net proceeds from this offering for general corporate purposes, including working capital, product development, partial reduction of liabilities, marketing activities, expanding our internal sales organization and further developing sales channels and other capital expenditures.
The offering is expected to close on July 20, 2016, subject to customary closing conditions.
Roth Capital Partners is acting as sole book-running manager for the offering. Aegis Capital Corp. is acting as co-lead manager for the offering.
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