Saturday, November 22, 2003

CommsDesign - 8x8 To Raise Additional $2.2 Million

CommsDesign - 8x8 To Raise Additional $2.2 Million: "8x8, Inc. (Nasdaq: EGHT), the broadband voice and video communications service provider, announced today that it expects to raise an additional $2.2 million of financing from certain institutional investors that participated in the private placement that closed on November 13, 2003. The investors would purchase an additional 780,000 shares of 8x8's common stock at a purchase price of $2.83 per share, and also receive warrants to purchase approximately 780,000 8x8 common shares at an exercise price of $3.61 per share. The transaction is expected to close and be funded on November 18, 2003. The common stock and warrants will be issued in a private placement without registration under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company has agreed to file with the Securities and Exchange Commission a registration statement to register the resale of the common stock and the shares of common stock issuable upon exercise of the warrants."


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