xG Technology Inc (NASDAQ:XGTI) announced the pricing of an underwritten offering of 1,750,000 shares of its common stock and warrants to purchase up to an aggregate of 1,312,500 shares of its common stock at a combined offering price of $2.00. The warrants will have a per share exercise price of $2.00, will be exercisable immediately and will expire five years from the date of issuance. The gross proceeds to xG from this offering are expected to be approximately $3,500,000, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on February 14, 2017, subject to customary closing conditions.

Shares of XG Technology are currently trading at $1.80, down $0.07¬†or -3.68%. XGTI has a 1-year high of $34.68 and a 1-year low of $1.17. The stock’s 50-day moving average is $1.77 and its 200-day moving average is $0.78.

On the ratings front, Roth Capital analyst William Gibson reiterated a Buy rating on XGTI, with a price target of $3.50, in a report issued on January 31. The current price target implies an upside of 87% from current levels. According to TipRanks.com, Gibson has a yearly average loss of 4.9%, a 45% success rate, and is ranked #3807 out of 4384 analysts.

xG Technology, Inc. engages in the development of patented wireless communications and spectrum sharing technologies. It operates through the following segments: Broadcast, Sports and Entertainment, and Government/Surveillance. The Broadcast segment includes a line of margin receiver products including DR3, crx6, and CIRAS. The Sport and Entertainment segment offers microLite, available in both licensed and unlicensed frequency bands. The Government/Surveillance segment sells IMT, MiniMobile Commander and Mobile Commander.