Palm Launches $235M Stock Offering

Law360, New York (September 17, 2009, 6:43 PM EDT) -- In a bid to drum up capital, Palm Inc. has announced it will sell 16 million shares of its common stock, worth almost $235 million as of Wednesday, with $35 million of the offering going to Elevation Partners LP, a private equity firm that already holds a significant stake in the cellular company.

With shares in Palm trading at $14.66 on Wednesday, the deal is worth almost $235 million. Proceeds of the stock sale will go toward “working capital and general corporate purposes,” Palm said....
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