By Sheri Kasprzak
New York, Dec. 15 - 8x8 Inc. said it has received agreements for a $15 million direct placement of stock.
The company will issue to two institutional investors 7,142,858 shares at $2.10 each.
The investors will also come away with warrants for 1,785,714 shares, exercisable at $3.00 each.
The shares will be sold under the company's shelf registration.
The offering is expected to close Dec. 19.
A.G. Edwards & Sons Inc. and Griffin Securities Inc. are the placement agents for the offering.
Proceeds will be used for additional capital to scale the company's Packet8 voice-over-internet protocol services while the rest will be used for general corporate purposes and working capital.
Based in Santa Clara, Calif., 8x8 is a voice-over-internet protocol service provider.
| Issuer: | 8x8 Inc.
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| Issue: | Stock
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| Amount: | $15 million
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| Shares: | 7,142,858
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| Price: | $2.10
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| Warrants: | For 1,785,714 shares
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| Warrant strike price: | $3.00
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| Placement agents: | A.G. Edwards & Sons Inc. and Griffin Securities Inc.
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| Announcement date: | Dec. 15
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| Settlement date: | Dec. 19
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| Stock price: | $2.52 at close Dec. 14
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