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Palm share sale scoops $83.9 million to keep company alive

Originally Palm came out saying there were to make public 18.5 million shares currently held by Elevation Partners, but Palm has now come out and announced that the actual figure they ended up selling is in fact 23.125 million shares.

These shares were offered to the public at a rate of $6 per share, and thus Palm has reported an $83.9 million payday which should keep Palm afloat until they can reap the benefits of the Palm Pre.

Palm’s announcement means they now have the cash to properly launch the new Palm pre smartphone as the market dominating smartphone Palm requires it to be in order to stay alive in the mobile arena.

Source — unwiredview