Vonage Saves Face Over IPO
In a bid to avoid trying to lose customers who bought into Vonage’s IPO, Vonage has told its underwriters that it will cover the cost. If customers no longer want the stock that opened at $17, closed at $14 and is now $12.50, then Vonage will agree to purchase those shares.
I think its a good show of faith on Vonage’s part and it makes good business sense too. [Although offering customers a part of the IPO wasn't.]
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May 31st, 2006 at 2:15 pm
Yeah – if you’re gonna sell your customers a bum deal, do it on the product, not the stock. Smart of Vonage to make the customer shareholders whole.
The dummest thing was the customers who purchased the stock. You have to realize that any company willing to deal with the headache of selling you 100 shares in an IPO is having major problems selling the issue.
Just goes to show that PT Barnum is still right.