xG® Technology, Inc. (Nasdaq: XGTI, XGTIW), a leading provider of wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for critical communications, today announced the closing of its previously announced registered direct offering of 1,560,978 shares of its common stock at a an offering price of $2.05 per share and its concurrent private placement of common stock purchase warrants (the "Warrants") to purchase 780,489 shares of common stock. The Warrants have a per share exercise price of $2.50, are exercisable immediately and will expire five (5) years from the date of issuance.
Gross proceeds to xG from these offerings are approximately $3,200,000, before deducting placement agent fees and other estimated offering expenses.
The Company intends to use the net proceeds from these offerings for working capital and other general corporate purposes.
Aegis Capital Corp. acted as the sole placement agent in connection with these offerings. Maxim Group LLC served as a financial advisor to xG.
About xG Technology, Inc.
xG Technology's brands provide wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for use in challenging environments. xG's brand portfolio includes Integrated Microwave Technologies (IMT), Vislink, and xMax.
IMT has pioneered advanced digital microwave systems and is a trusted supplier to broadcast, sports and entertainment, and MAG (Military, Aerospace & Government) markets. Their products are recognized for their high level of performance, reliability, build quality, extended operating ranges and compact form factors. More information about IMT can be found at www.imt-solutions.com. Vislink specializes in the wireless capture, delivery and management of secure, high-quality, live video, and serves broadcast & media and public safety & surveillance markets. More information about Vislink can be found at http://www.vislink.com/.