Net2Phone Raises $63 million in Secondary Offering

Net2Phone raised $63 million through a secondary public offering. In addition to the public offering of 10.5 million shares, the underwriters exercised their option to purchase an additional 1 million shares of Net2Phone’s common stock at $4.50 per share. Net2Phone intends to use the proceeds from the offerings for general corporate purposes, capital expenditures, and working capital, including funding its cable telephony business.
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