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xG Technology CEO converts loans into shares

Oct. 12, 2015 4:07 PM ETxG Technology, Inc. (XGTI-OLD) StockBy: Eric Jhonsa, SA News Editor2 Comments
  • xG Technology (XGTI) chairman/CEO George Schmitt has agreed to convert $500K worth of existing loans due to him from the company into shares at a price of $0.56 ($0.01 above Friday's close). He has also "indicated his intention to purchase modest quantities of additional shares of xG common stock from time to time through open market transactions."
  • Other loans from xG to Schmitt remain outstanding. The transaction stands to increase xG's share count by ~893K shares. The company had 4.5M shares outstanding at the end of Q2.
  • xG rose 7.3% in regular trading to $0.59.

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