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SARASOTA — Wireless communications firm xG Technology, which markets and sells a patented system that provides inexpensive Internet-based cell phone calls, is planning a potential public offering.
The Sarasota-based firm, which currently trades on the London Stock Exchange, seeks to launch an IPO on the Nasdaq, according to a release. The firm recently submitted a first draft registration statement to the Securities and Exchange Commission for the IPO.
“As xG moves to commercialization of its xMax cognitive radio system and to production of equipment to fulfill the growing number of orders that we have already received, it is an ideal time to increase our public profile in our major domestic market with a listing on Nasdaq,” Executive Chairman Rick Mooers says in the release. “Our strong and growing intellectual property portfolio, most recently boosted by the granting of two new patents on self-organizing networks, provides a valuable asset base for the company that we believe will be recognized by Nasdaq investors.”
The company's board of directors, while contemplating the possible Nasdaq IPO, says it will also look into whether it's cost effective to maintain a dual listing on the London Stock Exchange.
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