XG Tech. Reaches Purchase Deal For $1.33 Mln With LPC & Affiliate Purchasers

(RTTNews) - xG Technology, Inc. (XGTI, XGTIW), a developer of wireless communications and spectrum sharing technologies, has executed a stock purchase agreement for the sale of an aggregate of $1.33 million of common stock with Lincoln Park Capital Fund, LLC or "LPC", a Chicago-based institutional investor, certain of the company's officers and directors, and certain other investors.

Pursuant to the agreement, dated November 25, 2014, xG sold $625,000 worth of its common stock to LPC at a price of $1.25 per share, $337,500 worth of its common stock to the Affiliate Purchasers at a price of $1.37 per share and $369,500 worth of its common stock to the Other Investors at a price of $1.25 per share. No warrants were issued in connection with the transaction.

The common shares are being sold to LPC, the Affiliate Purchasers and the Other Investors pursuant to the Company's effective shelf registration statement on Form S-3, filed with the Securities and Exchange Commission in accordance with the provisions of the Securities Act of 1933, as amended, and declared effective on August 21, 2014.