RingCentral, Inc. announced that it expects to receive $200 million in funding from Searchlight II MLN, L.P.
November 07, 2021
Share
RingCentral, Inc. announced that it has entered into an investment agreement for private placement of 200,000 shares of Series A convertible preferred stock at $1,000 per preferred stock for gross proceeds of $200,000,000 led by Searchlight II MLN, L.P. on November 8, 2021. The series a preferred stock is convertible into shares of company Class A common stock at a conversion price of $269.22 per share and Class B common stock with respect to rights on the distribution of assets on any voluntary or involuntary liquidation or winding up of the affairs of the company. The Series A Preferred Stock is a zero coupon, perpetual preferred stock, with a liquidation preference of $1,000 per share and other customary terms, including with respect to mandatory conversion and change of control premium under certain circumstances.
RingCentral, Inc. is a provider of artificial intelligence (AI)-driven cloud business communications, contact center, video, and hybrid event solutions. The Companyâs cloud-based business communications, collaboration, and customer engagement solutions function across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones. The Company offers a fully integrated business communications platform, which includes cloud private branch exchanges (PBX), cloud contact center, video meetings and webinars, and events. Its product portfolio includes RingCentral MVP, Contact Center as a Service (CCaaS), RingCentral Video, RingCentral Events, and RingSense. RingCentral MVP is a unified Communications as a Service (UCaaS) platform, which includes team messaging, video meetings, and a cloud phone system. RingCentral Video is a video meeting solution with team messaging that enables smart video meetings, rooms solutions, and webinars.
RINGCENTRAL, INC. 
