Palm Raises $83.9 Million After Boosting Stock Offering
Today the shares of Palm, Inc. (NASDAQ:PALM) rose about 15%. The company increased the size of their secondary offering and raised $83.9 million as part of the process. The company sold 23.13 million shares as part of the secondary offering taking place between now and March 31.
Palm was initially expecting to sell 18.5 million shares being held by investor Elevation Partners. Palm added the extra 4.63 million shares at a price of $6 per share. Through the offering, Elevation Partners made about $49 million. Palm plans to use the capital raised to push the hype of the Pre in the smartphone market. So far the Pre is looking hot.
Engadget editor Joshua Topolsky took the device on the Jimmy Fallon last night to show it off. Perhaps that plug helped Palm’s stock in a way.
[via CNET]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry