Palm, Inc. (NASDAQ:PALM) today announced the closing of the previously announced public offering of common stock. In total, 23 million shares were sold in the offering for a public offering price of $16.25 per share, including shares subject to the over-allotment option and approximately 2.15 million common shares acquired by Elevation Partners.
“We couldn’t be more pleased with the outcome of Palm’s public equity offering,” said Jon Rubinstein, chairman and chief executive officer of Palm. “We achieved all of our objectives and now have a stronger balance sheet, a stronger shareholder base and a stronger foundation for future growth.”
Palm received net proceeds of approximately $359.9 million after deducting underwriting discounts and commissions and estimated offering expenses.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company’s groundbreaking Palm webOS™ platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy™, which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores ( http://www.palm.com/store ).
More information about Palm, Inc. is available at http://www.palm.com .
Palm, webOS and Synergy are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.