IDT Corp, the Hackensack, New Jersey reseller of long-distance telecom services, has filed a registration statement with the Securities and Exchange Commission to sell 4.1 million shares of common stock. The company is selling 4 million shares, with an additional 100,000 shares being offered by shareholders. An additional 615,000 shares have been registered by the company to cover a potential over-allotment by the underwriters – BT Alex Brown, Hambrecht & Quist, Friedman, Billings Ramsey & Co Inc and Jefferies & Co Inc. IDT says it will use the proceeds from the offering to expand its international telecommunications network, develop new products, expand sales and marketing activities, and for working capital. After the offering the company will have 16.18 million shares outstanding.
