Net2Phone Closes Public Offering, Including Exercise of Over-Allotment Option
Tuesday November 25, 10:36 am ET
An Additional 1,000,000 Shares of Common Stock at $4.50 Per Share
NEWARK, N.J.--(BUSINESS WIRE)--Nov. 25, 2003--
Net2Phone, Inc. (Nasdaq: NTOP - News) today announced that the underwriters of its public offering of 10.5 million shares of common stock have exercised, in part, their over-allotment option and purchased an additional 1 million shares of Net2Phone's common stock at $4.50 per share. The sale of the additional 1 million shares was consummated earlier today with the consummation of the sale of the 10.5 million shares. In total, the public offering, plus an additional 2.5 million shares purchased by IDT Corporation and Liberty Media at $4.50 per share, generated gross proceeds to Net2Phone of approximately $63 million. Net2Phone intends to use the proceeds from the offerings for general corporate purposes, capital expenditures, and working capital, including funding its cable telephony business.
JPMorgan Securities Inc. acted as sole book running manager of the offering and Jefferies & Company acted as joint lead manager. Blaylock & Partners LLP acted as co-manager. Copies of the final prospectus related to the common stock offering may be obtained from J.P. Morgan Securities Inc., 277 Park Avenue, New York, NY 10172; Jefferies & Company, Inc., 520 Madison Avenue, New York, NY 10022; and Blaylock & Partners LLP, 399 Park Avenue, New York, NY 10022
About Net2Phone
Founded in 1995, Net2Phone is a leading provider of voice services over IP networks worldwide, enabling toll-quality calls between computers, telephones, and broadband devices. Recognized as the first Company to bridge the Internet with the public switched telephone network, Net2Phone has routed billions of minutes of traffic over its award-winning network. Incorporated within the company are (1) Net2Phone Global Services, which sells retail VoIP solutions globally and (2) Net2Phone Cable Telephony, which has developed a fully outsourced standards-compliant telephony solution for cable operators. Traded on the NASDAQ under the symbol NTOP, Net2Phone's strategic partners and investors include Liberty Media Corporation (NYSE: L; LMC.B) and IDT Corporation (NYSE: IDT; IDT.C). For more information about Net2Phone's products and services, please visit www.net2phone.com. |
