Palm must have decided at some point yesterday that remarketing 18.5 million shares wasn’t going to bring in enough dough, because in the end the handset manufacturer sold 23.13 million share at $6 a piece. After Elevation Partners took its $49 million, Palm was left was a quick and easy $83.9 million. The upside to this public offering is its large enough to nearly cover the $100 million its blown through in the past couple of months. The downside? The Palm Pre, which is the hedge to all of Palm’s bets, still doesn’t have a set-in-stone release date. How much longer can Palm go without the Pre, and if the Pre really is the company’s lifesaver, how long will the turnaround take?
Palm raises $83.9 million
Mar 10 at 9:09am by admin
