SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 23, 1999
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C-PHONE CORPORATION
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(Exact name of registrant as specified in its charter)
NEW YORK 0-24424 06-1170506
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(State or Other Jurisdiction (Commission) (IRS Employer
of Incorporation) File Number) Identification No.)
6714 NETHERLANDS DRIVE, WILMINGTON, NORTH CAROLINA 28405
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (910) 395-6100
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N/A
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
On November 23, 1999, C-Phone Corporation completed the sale
of 606,061 shares of its common stock for gross proceeds of $1,000,000, or $1.65
per share, pursuant to its private equity credit agreement with Sovereign
Partners, L.P. As a result, C-Phone received net proceeds of approximately
$880,000 after related fees and expenses.
In negotiating the sale, Sovereign Partners waived the average
closing bid price condition and agreed to a purchase price per share of $1.65.
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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 thereunto duly authorized.
C-PHONE CORPORATION
By: /s/ PAUL H. ALBRITTON
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Paul H. Albritton
Vice President and Chief
Financial Officer
Date: November 24, 1999
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