Net2Phone prices offering at $4.50 per share
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November 20, 2003 Thursday
Net2Phone shares tumbled more than 9 percent to $4.63 after the Newark, N.J., firm said it has priced an offering of 13 million shares of its common stock at $4.50 each. The company is selling 10.5 million of the shares to the public, and 2.5 million shares to IDT Corp. and Liberty Media.
The deal includes an over-allotment option for the sale of an additional 1.575 million common shares. Net2Phone plans to use the proceeds for general corporate purposes, capital spending, and working capital, including the funding of its cable telephony business.