Palm cashes in $83.9 million from share sale; will survive until Pre hits the market
Although Palm initially announced it would remarket 18.5 million common shares from the stock and warrant units held by Elevation Partners, it changed its mind and actually sold more.
The smartphone manufacturer eventually gave up on 23.125 million shares, at a public offering price of $6.00 per share – this allowing it to receive net proceeds of about $83.9 million.
As previously stated, Palm will use the money in order to properly prepare the release of Palm Pre, as well as to further concentrate on developing new products.
Pre’s exact release date is still not known, but hopefully the smartphone will hit the market in the next few months.