Fancy a piece of Palm? Apparently Palm has plans on selling roughly 16 million of their shares in a new offering that includes an overallotment option where underwriters can purchase a further 2.4 million shares reports an article on whnt.com.

Proceeds from the offering will be used for general corporate and working capital purposes, and venture capital company, Elevation Partners intends to purchase $35 million of Palm shares at the public offering price in the sale.

Palm, as of June the 26th had roughly 140.2 million shares outstanding. Shares jumped 41 cents to $14.85 in after hours trading yesterday and the stock closed down 22 cents at $14.44.