Tuesday, March 10, 2009

Palm to sell 18.5 million shares

The recession continues to sucker-punch nearly every industry and the mobile world has received its fair share of bruising. However, it’s an exciting time at Palm right now with their highly anticipated Pre and webOS nearing release. The company is taking advantage of downtime before the big release to remarket 18.5 million shares of its common stock – which should amount to just over $100 million. Palm is saying it’s going to use half of that to repay Elevation Partners, and the other half to fund the Pre release as well as future research and development. The company said it’s hoping to finalize the sale by the end of the month. Hopefully Palm will be sitting pretty financially after the Pre release, and the same goes for Sprint (they sure need it).

No comments: