Palm to raise $313.1 million with increased share sale

Palm Pre smartphone maker Palm has increased the size of their planned stock offering and now expects to raise some $313.1 million reports an article on Reuters.

The Palm offering was increased from 16 million shares up to 20 million shares and was priced at $16.25 which is a 5% discount to the stock’s closing price as of Tuesday.

According to Palm, Elevation Partners and Roger McNamee intend to purchase $37 million worth of the shares being offered, and Palm has said proceeds from the offering is to be used as working capital.

Live Comment

Your email address will not be published.