Sunnyvale, Calif. -- Palm, the Sunnyvale-based smartphone maker, said that it has closed its previously announced stock offering, raising net proceeds of approximately $359.9 million. In all, the company sold 23 million shares for $16.25 each, including 2.15 million shares to Elevation Partners. "We achieved all of our objectives and now have a stronger balance sheet, a stronger shareholder base and a stronger foundation for future growth," said Jon Rubinstein, the chairman and CEO of Palm.
http://investor.palm.com/releasedetail.cfm?ReleaseID=412013
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