By Sheri Kasprzak
Atlanta, March 4 - 8x8 Inc. said it plans to raise $14,484,998 in a direct placement of stock.
The company plans to sell 6,897,618 shares at $2.10 each to institutional investors.
The shares are being sold under 8x8's shelf registration.
The deal is expected to close March 8.
A.G. Edwards Inc. and Griffin Securities Inc. were the placement agents.
Based in Santa Clara, Calif., 8x8 is a voice-over-internet protocol service provider. The company plans to use the proceeds for working capital and general corporate purposes.
| Issuer: | 8x8 Inc.
|
| Issue: | Stock
|
| Amount: | $14,484,998
|
| Shares: | 6,897,618
|
| Price: | $2.10
|
| Warrants: | No
|
| Placement agent: | A.G. Edwards Inc. and Griffin Securities Inc.
|
| Pricing date: | March 4
|
| Settlement date: | March 8
|
| Stock price: | $2.39 at close March 3
|
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