Palm Inc. (NASDAQ: PALM) said Monday it has closed its public offering of 23 million shares and received net proceeds of about $359.9 million, according to Associated Press.
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Venture capital firm Elevation Partners, which already had a stake in Palm, bought 2.15 million of the shares, the company said.
The shares were sold at $16.25 each.
Palm plans to use the proceeds for working capital and general corporate purposes.
The company's shares added 1 cent to $16.93 in after-hours trading. The stock had closed up 55 cents, or 3.4 percent, at $16.92 in the regular session.
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