SEC Form 4 · accession 0001144204-15-012508
xG TECHNOLOGY, INC. · XGTI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Richard L Mooers
Director · 10% Owner
Period of report
Feb 24, 2015
Accepted (ET)
Feb 27, 2015 · 11:07 am EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001565228
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Feb 24, 2015 | J | 2,400,222 | $0.46 | A | 8,655,322 | I | By MB Technology Holdings, LLC |
| Common StockF3,F2 | Feb 24, 2015 | J | 1,590,909 | $0.46 | A | 10,246,231 | I | By MB Technology Holdings, LLC |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1For services rendered and loans outstanding, the Registrant, prior to this transaction, was indebted to MB Technology Holdings, LLC ("MBTH") in the amount of $1,839,239.04. The Registrant and MBTH agreed, as of the date of this transaction, that payment of $1,106,098.00 of the outstanding debt owed by the Registrant to MBTH would be made in a number of shares of common stock of the Registrant of value equal to this portion of the total outstanding debt.
- F2Family entities and trusts for the benefit of Mr. Mooers' children beneficially own shares, options and warrants of the Registrant through MB Merchant Group, LLC, of which these family trusts and entities beneficially own 80%, which in turn is a 45.2% owner of MBTH
- F3For services rendered and loans outstanding, in contemplation of the transaction referenced by footnote (1) above, prior to this transaction, the Registrant remained indebted to MBTH in the amount of $733,141.04. The Registrant and MBTH agreed, as of the date of this transaction, that payment of the balance of this remaining outstanding debt would be made in a number of shares of common stock of the Registrant of value equal to the remaining balance of the outstanding debt.