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Palm Sets Public Offering Price

Wed Sep 23, 2009 - 6:35 PM EDT - By Annie Latham

On Wednesday, Palm announced that it increased the size of its previously announced public offering of common stock to 20,000,000 shares. The public offering price of $16.25 per share, seems to indicate strong demand.

The underwriters (Goldman Sachs, J.P. Morgan and RBC Capital) have a 30-day over-allotment option to purchase 3,000,000 additional shares of common stock from Palm at the public offering price. Upon the closing of the offering, Palm will receive net proceeds of approximately $313.1 million, assuming no exercise of the underwriters' over-allotment option.

As noted by ZDNet's Larry Dignan, when Palm delivered its first quarter results last week, shares bounced around in the $14 to $15 range.

"All things considered, Palm's pricing (statement) was about as good as it gets."

The additional $313 million will come in handy as Palm rolls out more webOS devices.


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