Palm Stock Offering Generates $360M
Palm Inc. has announced the results of its common stock offering. In addition to generating a nice $313 mil from its offering of 20,000,000 shares at $16.25 each, the company announced that the underwriters were able to sell an additional 3 million shares. The exercise of the over-allotment option brings the expected total net proceeds of the public offering to $359.9 million. In a statement, Palm said it expects to use the proceeds for working capital and general corporate purposes.
Palm also reaffirmed its fiscal year 2010 outlook and its planned product and carrier launches in the second half of Palm's fiscal year ending in May 2010. This rather bold move indicates to some that a future Verizon release may not be written off after all.