SEC Form 4 · accession 0001144204-15-012514
xG TECHNOLOGY, INC. · XGTI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
MB Technology Holdings, LLC
10% Owner
Period of report
Feb 24, 2015
Accepted (ET)
Feb 27, 2015 · 11:08 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 | Feb 24, 2015 | J | 2,400,222 | $0.46 | A | 8,655,322 | D | |
| Common StockF2 | Feb 24, 2015 | J | 1,590,909 | $0.46 | A | 10,246,231 | D |
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.
- F2For 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.