Sarasota-based wireless communication technology developer xG Technology Inc. said this week that it raised $10 million from its recently completed sale of two classes of company stock.
Proceeds from the sale will fund xG Technology’s purchase of Vislink Communications Systems once that transaction closes.
If the sale is not finalized, the funds would go to general corporate purposes, xG Technologies said in its news release.
The securities offered for sale were split into two groups. Each of the $2-per-share Class A units contained one share of common stock and 1.25 shares of an exercisable five-year warrant to purchase a share of common stock at $2 per share. The company offered 3.8 million Class A units.
The 2,400 Class B units contained one share of the xG Technology’s Series E convertible preferred stock, priced at $1,000 per share, which could be converted into 500 shares of the $2-per-share common stock.
The offering was exclusively managed by Aegis Capital Corp.