Vonage, tarred by a disastrous initial public offering last week, is scrambling to reassure investors. The company, which provides Internet phone service, said Tuesday that it would reimburse the bankers who handled the sale if any Vonage customers refused to pay for shares that were allotted to them.
Vonage gave its customers a chance to buy as much as 15 percent of the 31.25 million shares that were offered last week. About 10,000 of the company's 1.6 million customers ultimately received shares, which were sold at $17 each, according to a person briefed on the deal. Customers had until Tuesday to open an account with a specified broker and pay for their shares.
Some customers who participated in the "directed share program" were reluctant to pay for their shares after the stock fell. The shares have lost more than 26 percent of their value since their debut last Wednesday. They fell 52 cents, to $12.50 on Tuesday.
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