8x8 Sells US Federal Business for $10M

TL;DR

8x8 selling US federal biz for $10M to focus on core enterprise. Big shift incoming.

AI Summary

8x8 Inc. announced on April 4, 2024, that it has entered into a definitive agreement to sell its U.S. federal government business to an undisclosed buyer for $10 million. The transaction is expected to close in the second quarter of fiscal year 2025. This divestiture is part of 8x8's strategy to focus on its core enterprise and mid-market business communications solutions.

Why It Matters

This sale indicates a strategic shift for 8x8, potentially streamlining operations and focusing resources on its core enterprise and mid-market offerings, which could impact its competitive positioning.

Risk Assessment

Risk Level: medium — The sale of a business segment and the focus on core offerings introduce execution risk and potential shifts in market share.

Key Numbers

• $10.0M — Sale Price (Proceeds from the sale of 8x8's U.S. federal government business.)

Key Players & Entities

• 8x8 Inc. (company) — Registrant
• $10 million (dollar_amount) — Sale price of U.S. federal government business
• April 4, 2024 (date) — Date of announcement
• second quarter of fiscal year 2025 (date) — Expected closing period for the sale

FAQ

Key Financial Figures

• $0.001 — ch registered COMMON STOCK, PAR VALUE $0.001 PER SHARE EGHT Nasdaq Global Select M

Filing Documents

• eght-20240404.htm (8-K) — 29KB
• exhibit991-delawarechanc.htm (EX-99.1) — 4KB
• eght-20240404_g1.jpg (GRAPHIC) — 8KB
• exhibit991-delawarechanc001.jpg (GRAPHIC) — 124KB
• exhibit991-delawarechanc002.jpg (GRAPHIC) — 112KB
• exhibit991-delawarechanc003.jpg (GRAPHIC) — 56KB
• 0001023731-24-000028.txt ( ) — 580KB
• eght-20240404.xsd (EX-101.SCH) — 2KB
• eght-20240404_lab.xml (EX-101.LAB) — 21KB
• eght-20240404_pre.xml (EX-101.PRE) — 12KB
• eght-20240404_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events As previously disclosed, on February 20, 2024, 8x8, Inc. (the " Company ") filed an application (the " Section 205 Application ") in the Court of Chancery of the State of Delaware pursuant to Section 205 of the Delaware General Corporation Law seeking validation of the filing and effectiveness of the Company's Amended and Restated Certificate of Incorporation, dated August 22, 2012 (the " First Amended Charter ") and the Company's Amended and Restated Certificate of Incorporation, dated July 12, 2022 (the " Second Amended Charter ," and together with the First Amended Charter, the " Amended Charters "), each increasing the number of authorized shares of the common stock of the Company, and the issuances of common stock pursuant to the Amended Charters (the " Section 205 Action "). On April 4, 2024, the Court of Chancery granted the Company's Section 205 Application and entered an order (the " Order ") in the Section 205 Action validating (i) the stockholder vote approving the First Amended Charter, (ii) each of the Amended Charters, including the filing and effectiveness thereof, and (iii) the Company's common stock and all other of the Company's securities that are convertible, exercisable or exchangeable into common stock, and the issuance thereof, described in the Section 205 Application, whether already issued or to be issued pursuant to authorization under the Amended Charters. The foregoing description of the Order does not purport to be complete and is qualified in its entirety by the terms of the Order, a copy of which is attached hereto as Exhibit 99.1.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Description 99.1 Final Order entered by the Delaware Court of Chancery on April 4, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 8, 2024 8x8, Inc. By: /s/ LAURENCE DENNY Laurence Denny Chief Legal Officer

View Full Filing

View this 8-K filing on SEC EDGAR