Palm Puts A Price On Public Offering, Embiggens Pool
As part of last week's quarterly financial announcments, Palm Inc. announced a public offering of common stock - 16 million shares in total. Something seems to have changed in the interim, because the company has now increased the offer to 20 million shares @ $16.25 a share. Apparently, this will net Palm a cool $313 million bucks.
Do I understand what any of it means? Not at all. This financial gumph makes my eyes glaze over. But for those interested, the full financial details and press release are viewable after the jump.
Press Release
SUNNYVALE, Calif., Sep 23, 2009 (BUSINESS WIRE) -- Palm, Inc. (NASDAQ:PALM) today announced that it increased the size of its previously announced public offering of common stock to 20,000,000 shares. The public offering price will be $16.25 per share. The underwriters will also have a 30-day over-allotment option to purchase 3,000,000 additional shares of common stock from Palm at the public offering price. Upon the closing of the offering, Palm will receive net proceeds of approximately $313.1 million, assuming no exercise of the underwriters' over-allotment option. Palm expects to use the proceeds for working capital and general corporate purposes.
The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Goldman, Sachs & Co. and J.P. Morgan Securities, Inc. are serving as the joint bookrunners of this offering and RBC Capital Markets is serving as co-manager. A copy of the prospectus supplement and accompanying prospectus relating to this offering may be obtained by contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attn: Prospectus Department, by calling 866-471-2526, or by emailing prospectus-ny@ny.email.gs.com, or from J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11425 Attn: Chase Distribution & Support Service, Northeast Statement Processing, by calling 718-242-8002.
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vocab lesson
What this means is that the same pie is being split more ways now. I am shocked that the shares have risen from $1.50 to over $15.00, so either the company has a future, or stock investors are unable to foresee the future.
RE: vocab lesson
(I tried to work "cromulent" in there as well, but gave up in the end. Next time...)
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To the moon, Alice!
== "Palm should give up on selling phones
== and instead simply sell stock in the company"