Palm Loads up on Cash, Elevation Loads up on Stock | webOS Nation
 
 

Palm Loads up on Cash, Elevation Loads up on Stock

by Robert Werlinger Fri, 25 Sep 2009 1:55 pm EDT

After Palm announced the price of their new public stock offering, $16.25 per share, it looks like Elevation Partners and its directors have been busy buying it up, thestockmasters.com notes:

(Palm CEO Jon Rubinstein also made some stock moves.)

Meanwhile, Palm exercised an over-allotment option for the underwriters to purchase an additional 3 millions shares of common stock, which "brings the expected net proceeds of the public offering to $359.9 million."

Try not to let your eyes glaze over too much, the bottom line is that it's a heap of cash for a company that's been hungry for it. They intend to use it "for working capital and general corporate purposes," which to us sound like they have a plan and they're executing against it.