"look out below"
Net2Phone and holders file to sell 6.3 mln shares
Reuters Story - November 04, 1999 22:36
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WASHINGTON, Nov 4 (Reuters) - Internet telephone company Net2Phone Inc. and some of its shareholders filed to sell 6.3 million shares in a public offering, according to a Securities and Exchange Commission filing.
The company said it plans to sell 3.4 million shares while stockholders, who include telephone company IDT Corp. and SOFTBANK Technology Ventures IV LP, plan to offer 2.9 million, the filing said.
Net2Phone said it plans to use the net proceeds from the sale of its shares, an estimated $166.4 million based on a $51.50 per share price, for developing and maintaining strategic relationships, advertising and promotion, upgrading and expanding its network, expansion overseas, research and development, and other general corporate purposes.
The company will not receive any proceeds from the sale of shares by stockholders.
After the offering there will be an estimated 51.6 million shares of common stock and Class A stock outstanding in the company.
The underwriters, Hambrecht & Quist, Donaldson, Lufkin & Jenrette and Deutsche Banc Alex. Brown, have been allotted an extra 945,000 shares in the event of heavy demand.
Net2Phone shares closed down 2-3/8 to 50-1/16 on Nasdaq. |
