|by Shawn Brown on September 23rd, 2009|
This morning Palm made the announcement that their second stock offering will be at just $16.25 per share which is 10 percent lower than yesterday’s high closing price. Instead of selling the 16 million shares discussed last week they will be offering 20 million. There is still no set date for just when this will be taking place.
Palm has already got plans for how to divide the money; $3 million will be made available to underwriters in case there are more buyers than stocks available. There will be $35 million set aside for capital firm Elevation Partners and on top of that $2 million for founding partner of Elevation Partners, Roger McNamee.
With the 20 million shares Palm is expecting to bring in $313,140,000, if the other option is used Palm is saying they could see up to $359,940,000. This is significant improvement considering Palm ended the year last year with only $211 million. Lets hope all goes according to plan.