Newspaper article Sarasota Herald Tribune

XG Completes Its Reverse Stock Split

Newspaper article Sarasota Herald Tribune

XG Completes Its Reverse Stock Split

Article excerpt

COGNITIVE RADIO

SARASOTA -- XG Technology, the local cognitive radio company, completed a reverse stock split Friday morning.

Following through on a plan approved by shareholders last month, the company said it was doing a one-for-10 reverse stock split. The move basically consolidates every 10 shares of common stock into a single share.

The company's shares, which trade on the Nasdaq, were selling for $2.30 by the close of regular trading, down 90 cents, or about 28 percent.

No fractional shares were issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive a fractional share received one whole share of common stock by virtue of rounding up such fractional share to the next highest whole share.

XG has been under pressure by the Nasdaq stock exchange to boost the value of its shares to maintain their listing. …

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