Tech firm picks up $4.4M in stock sale

SARASOTA — Wireless communications firm xG Technology closed a public underwritten offering of 7.3 million units of its stock.

The units were sold at a price of $0.685, a statement says. Each unit consists of one share of xG's common stock and 1.25 of a warrant to purchase an additional share at the same price. xG received $4.44 million in net proceeds from the offering.

Underwriters were also given a 45-day option to acquire an additional 1,095,000 shares of common stock and warrants to purchase 1,368,750 shares to cover over-allotments, the statement adds.