Wireless firm sells $1.3M in shares

SARASOTA — Publicly traded wireless communication firm xG Technology, which filed plans earlier this month to raise up to $10 million, has sold $1.33 million of common stock.

The Sarasota-based firm sold some of the shares to Chicago-based institutional investor Lincoln Park Capital Fund, according to public filings with the Securities and Exchange Commission. Lincoln Park bought $625,000 worth of xG shares at $1.25 per share, the document states. Other outside investors and some of xG's officers and directors also bought shares in the stock sale. Prices for those shares, according to the filing, were $1.25 per share for $337,500 worth of stock and $1.37 per share for $369,500 worth of stock.

Shares of xG, traded on the Nasdaq under XGTI, closed Nov. 26 at $1.35 a share. XG, according to other SEC documents, signed an equity distribution agreement with Roth Capital Partners Nov. 19 to raise $10 million. The firm intends to use the net proceeds from the sale for working capital and general corporate purposes.

xG markets and sells a patented system for Internet-based phone calls.