Palm, Inc. (NASDAQ:PALM) recently announced the closing of the previously announced public offering of common stock. In total, 23 million shares were sold in the offering for a public offering price of $16.25 per share, including shares subject to the over-allotment option and approximately 2.15 million common shares acquired by Elevation Partners.
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"We couldn't be more pleased with the outcome of Palm's public equity offering," said Jon Rubinstein, chairman and chief executive officer of Palm. "We achieved all of our objectives and now have a stronger balance sheet, a stronger shareholder base and a stronger foundation for future growth."
Palm received net proceeds of approximately $359.9 million after deducting underwriting discounts and commissions and estimated offering expenses. Palm's drive for innovation in design extends to the company's commitment to the protection of the environment and natural resources. This commitment and responsibility is reflected in the thoughtful management of our products' lifecycle and the high standards we set for our facilities, supply chain, and partners. Increase efficiency of our operations and facilities through conservation and reduction of our impact on the environment. Palm takes pride in leading environmental stewardship through design and thoughtful planning. Palm educates and builds internal awareness by mobilizing organizational support around Palm’s environmental stewardship efforts. Palm makes this part of our culture.
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