Phoenix Technologies Ltd. (PTEC) Prices 5.8M Shares At $2.25 A Share
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Phoenix Technologies Ltd. (Nasdaq: PTEC) has entered into definitive purchase agreements with selected new and existing institutional investors to sell 5,800,000 shares of its common stock, at a price of $2.25 per share in a registered direct offering. Federated Kaufmann Fund was the lead investor in the offering. The per share purchase price represents an approximate 22 percent discount to the three day volume-weighted average price of Phoenix's common stock.
Phoenix Technologies expects to receive gross proceeds from the offering of $13.05 million and net proceeds of approximately $12.0 million, after deducting placement agent's fees and other offering expenses. Phoenix intends to use the net proceeds from this offering for general corporate purposes. The offering is expected to close on or about July 2, 2009, subject to customary closing conditions.\
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