Palm shares rose 4% thanks to Pre Launch
Palm has stated it will remarket 18.5 million common shares and warrant units held by Elevation Partners, and based on the current market price should pull in roughly $105 million; this move is seen as an attempt to bolster Palm’s capital ahead of the Palm Pre launch.
Elevation Partners will receive $49 million which it originally paid for the units while Palm will keep all net proceeds above said $49 million.
Palm shares rose 4 percent to $6.41 in early trade but had retraced some gains in recent sessions on worries on customer spending and that the delays launch of the Palm Pre could cause liquidity concerns.
Source — itweb