XG Technology, Inc, a developer of a portfolio of intellectual property, said late Tuesday that it has closed its previously announced underwritten public offering of securities totaling $10 million.
The offering consists of $3.8 million class A units, with each class A unit consisting of one share of XG common stock and 1 1/4 warrants; 2,400 class B units, with each class B unit consisting of one share of XG’s series E convertible preferred stock and warrants to purchase 625 common shares.
The underwriters have been granted a 45-day option to purchase up to 15% additional amount of securities to cover over-allotments. The company intends to use the net proceeds for acquisitions or for general corporate purposes.
By Caroline Williams