June 29, 2009 (FinancialWire) — Phoenix Technologies Ltd. (NASDAQ: PTEC) (Current Market Cap: $80.89 Mil.) said it has entered into definitive purchase agreements with new and existing institutional investors to sell 5.8 million shares of its common stock at $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 roughly 22 percent discount to the three day volume-weighted average price of Phoenix’s common stock. The company said it expects to receive gross proceeds from the offering of $13.05 million and net proceeds of around $12.0 million.

Phoenix plans to use the net proceeds from this offering for general corporate purposes. The offering is scheduled to close on or about July 2.

Milpitas, California-based Phoenix Technologies offers products, services and embedded technologies used by the PC industry’s system builders and specifiers.

The company’s main products and services include SecureCore, Embedded BIOS, FailSafe, HyperSpace and eSupport.com.

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