Palm Inc. Announces Common Stock Offering
Palm, Inc. today announced that it intends to offer, subject to market and other conditions, approximately 16 million shares of common stock. In connection with this offering, the underwriters will have an option to purchase up to an additional 2.4 million shares of common stock to cover over-allotments, if any. The company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933.
The company plans to use the net proceeds for working capital and general corporate purposes. Elevation Partners has indicated its intention to buy $35 million of Palm shares in the offering, at the public offering price.
Source: Palm Inc. Press Release.