Palm (PALM) Closes 23M Share Offering, Raising Net Proceeds of $359.9M
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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.
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