8x8 Announces $12 Million Common Stock Offering

8x8 agreed to sell 4,800,000 shares of common stock to an institutional investor at $2.50 per share for aggregate proceeds of $12 million before placement fees and other offering expenses. The investor will also receive a warrant to purchase 1,920,000 8x8 common shares at an exercise price of $3.00 per share. Packet8 will use the funding to expand its voice and video communication service. http://www.8x8.com