Palm Completes Another Round of Equity
Palm, Inc. announced on Friday that it has completed a $19.1 million equity offering for 1.2 million shares of Palm common stock at $15.90 per share. This follows a similar $18 million dollar deal last week.
The shares were issued today to institutional investors through Palm's existing $200 million shelf registration on file with the Securities and Exchange Commission.
The proceeds will be used for general corporate purposes by the Palm, Inc. Solutions Group. Palm negotiated the offering itself, thereby minimizing associated transaction fees. The price represents a nominal discount over a 10-day volume-weighted average price.
This offering follows an $18 million equity offering Palm completed Aug. 22 with an institutional investor. The investors are not being named.
Palm had approximately 29.3 million shares outstanding as of July 25, 2003. The market price for the stock as of early today is 18.27. The stock has a upswing last week, gaining more than 2 points during the period.
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