Palm (PALM) Increases Size Of Public Offering to 23.1M Shares
Palm, Inc. (NASDAQ: PALM) increased the size of its previously announced public offering of common stock to approximately 23.125 million shares, including approximately 18.5 million common shares underlying 49% of the units of Series C preferred stock and warrants acquired by Elevation Partners in January 2009. The public offering price per share will be $6.00. Upon the closing of the offering, Palm will receive net proceeds of approximately $83.9 million.
The underwriters will also have a 30-day option to purchase approximately 3.5 million additional shares of common stock from Palm to cover over-allotments, if any.
Elevation Partners, which will recoup the $49 million it originally paid for the units, will use those funds to purchase approximately 8.2 million shares of Palm’s common stock in the offering at the public offering price.
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