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SARASOTA — Wireless communications firm xG Technology closed a public underwritten offering of 7.3 million units of its stock.
The units were sold at a price of $0.685, a statement says. Each unit consists of one share of xG's common stock and 1.25 of a warrant to purchase an additional share at the same price. xG received $4.44 million in net proceeds from the offering.
Underwriters were also given a 45-day option to acquire an additional 1,095,000 shares of common stock and warrants to purchase 1,368,750 shares to cover over-allotments, the statement adds.
The profits from the offering will be used for general corporate purposes, the statement says, including working capital, product development, partial reduction of liabilities, marketing and sales expansion and development.
In June, Sarasota-based xG implemented a 1-for-12 reverse split of its common stock. As of July 22, XGTI was trading at $0.45 per share.
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