toggle

AAPL Stock: 121.3 ( -1.07 )

Printed from http://www.macnn.com

Palm boosts share offering to get $83.9m

updated 11:35 am EDT, Tue March 10, 2009

Palm Boosts Share Offering

Palm today said it would up the number of shares involved in its stock resale plan from 18.5 million shares to just over 23.1 million. Each share will have a going price of $6 and should boost Palm's revenue in the deal from its original $49 million to $83.9 million. Elevation Partners will still get $49 million to buy another 8.2 million shares at the same price as for the public deal.

The additional $34.9 million is potentially essential for Palm, which at last report had $220 million or less in cash reserves and has been consuming about $95 million to $100 million per quarter, which could render it bankrupt. The company is banking on the launch of its Pre touchscreen phone in the spring to stem its losses and turn the company around.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

HP 14-x030nr 14-inch Chromebook

If you're like us, chances are you've come to realize that you need the ability to access the Internet on the go. Also, you've prob ...

15-inch MacBook Pro with Force Touch

Apple's 15-inch Retina MacBook Pro continues to be a popular notebook with professional users and prosumers looking for the ultimate ...

Typo keyboard for iPad

Following numerous legal shenanigans between Typo -- a company founded in part by Ryan Seacrest -- and the clear object of his physica ...

toggle

Most Commented