Sarasota wireless firm seeks to raise $10M

SARASOTA — Wireless communication firm xG Technology seeks to raise up to $10 million through a stock sale.

The Sarasota-based firm, according to documents filed with the Securities and Exchange Commission, will sell the shares through an equity distribution agreement with Roth Capital Partners. The firm intends to use the net proceeds from the shares for working capital and general corporate purposes, the document adds. xG will pay Roth a commission equal to 3% of the gross proceeds from any shares sold.

xG markets and sells a patented system for Internet-based phone calls. The firm is publicly traded on the Nasdaq under XGTI (recent price: $1.41.) xG raised $7 million when it went public in July 2013.