xG Technology dives after pricing offering

xG Technology (XGTI -16.1%) has priced a 5.27M-share offering at $1.90, 12% below its Tuesday close of $2.17. Underwriters have a 790K-share overallotment option.

xG expects gross proceeds of $10M. The company had $5.5M in cash at the end of 2013, and $2M worth of convertible notes payable.

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