By Devika Patel
Knoxville, Tenn., April 22 - xG Technology, Inc. said it plans a $6 million private placement of stock.
The company will sell 2 million common shares at $3 per share to Spartan Mullen & Cie SA.
The investor also will receive options for 1 million shares, exercisable at $4 until July 31; options for 1 million shares, exercisable at $5 until Sept. 30; and options for 1 million shares, exercisable at $6 until Dec. 31.
Proceeds will be used to accelerate development of new products.
Based in Sarasota, Fla., xG Technology is a developer of technologies that enhance wired and wireless communication.
| Issuer: | xG Technology, Inc.
|
| Issue: | Common stock
|
| Amount: | $6 million
|
| Shares: | 2 million
|
| Price: | $3
|
| Options: | For 3 million shares
|
| Option expiration: | July 31 (for 1 million shares), Sept. 30 (for 1 million shares), Dec. 31 (for 1 million shares)
|
| Option strike price: | $4 (for 1 million shares), $5 (for 1 million shares), $6 (for 1 million shares)
|
| Investor: | Spartan Mullen & Cie SA
|
| Pricing date: | April 22
|
| Stock symbol: | London: XGT
|
| Stock price: | 175p at close April 22
|
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