XG Technology Prices Public Offering Of Common Stock At $1.90/share

(RTTNews) - xG Technology, Inc. (XGTI), a developer of a portfolio of wireless communications technologies, Wednesday announced the pricing of an underwritten public offering of 5.27 million shares of common stock at a public offering price of $1.90 per share.

The company expects to receive about $10 million in gross proceeds, before underwriting discounts and commissions and offering expenses payable by the company.

The company has granted the representative of the underwriters a 45-day option to purchase up to 789,750 additional shares of common stock.

The company intends to use the net proceeds from the offering for general corporate purposes.

The offering is expected to close on April 22.

Roth Capital Partners is acting as sole book-running manager, and Feltl & Company is the co-manager for the offering.

The stock, which closed at $2.17 on Tuesday, is declining 12 percent in pre-market activity.