Friday, October 08, 2004

8x8 Raises $12 Million in Sale of Common Stock

8x8 Raises $12 Million in Sale of Common Stock: "8x8, Inc. (Nasdaq: EGHT - News) today announced that it has agreed to sell 3,508,772 shares of common stock to an institutional investor at $3.42 per share for aggregate proceeds of $12 million before placement fees and other offering expenses. The investor will also receive a warrant to purchase an additional 1,403,509 8x8 common shares at an exercise price of $4.10 per share. The transaction is expected to close and fund on or about Thursday, September 30, 2004. The net proceeds of approximately $11.2 million from the offering will be used to fund the continued expansion of the Packet8 voice and video communication service, including the development of new and larger distribution channels, increased marketing efforts, and the growth of the customer service, support and sales operations, and to fund working capital and for general corporate purposes."


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