Palm public offering price will be $16.25 per share

Palm has just announced that it has managed to increase the size of it’s previously public offering of common stock to 20,000,000 shares.

The offering price will be $16.25 for each share. The underwriters have a 30 day over allotment to purchase some additional 3,000,000 shares of common stock from Palm at the same public offering price.

Palm will receive the net proceeds of approximately $313.1 million upon the closing of the offering that’s assuming no exercise of the underwriters’ over allotment option. The proceeds will be used for working capital and also general corporate purposes. Source – tradingmarkets.com

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