Palm reports lower loss than expected, plans big stock offering
The cellphone manufacturer also intends to issue 16 million additional shares of common stock. At the current price of the stock, that would raise approximately $231 million dollars for Palm. Elevation Partners, one of the company's largest stockholders, has committed to buy $35 million dollars of additional equity in the offering. Palm has already announced the follow-up to the Pre, the Palm Pixi. Like the Pre did, the new handset will make its debut at Sprint.