Phoenix Technologies 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. The company 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.
The shares of common stock are being offered by the company pursuant to its existing shelf registration statement, which as amended, was declared effective by the Securities and Exchange Commission on June 26, 2009. A prospectus supplement describing the terms of the offering will be filed with the Securities and Exchange Commission, which forms a part of the effective Registration Statement.
Needham & Company, LLC served as exclusive placement agent for the offering. The shares of common stock may be offered only by means of a prospectus.