Palm, Inc. today announced that the underwriters of its previously announced public offering of common stock have fully exercised their over-allotment option to purchase 3,000,000 additional shares of common stock. The option was granted in connection with the public offering of 20,000,000 shares of common stock at a public offering price of $16.25 per share. The exercise of the over-allotment option brings the expected total net proceeds of the public offering to $359.9 million. Palm expects to use the proceeds for working capital and general corporate purposes. Palm also reaffirmed its fiscal year 2010 outlook and its planned product and carrier launches in the second half of Palm's fiscal year ending in May 2010.
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.
About Palm, Inc.
Palm, Inc. creates intuitive and powerful mobile experiences that enable consumers and businesses to connect to their information in more useful and useable ways. The company's groundbreaking Palm webOS(TM) platform, designed exclusively for mobile application, introduces true multitasking and Palm Synergy(TM), which brings your information from the many places it resides into a single, more comprehensive view of your life.
Palm products are sold through select Internet, retail, reseller and wireless operator channels, and at Palm online stores.
Palm, webOS and Synergy are trademarks of Palm, Inc. All other brand and product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
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