Palm banks $83.9 million on upped share sale

Palm’s ongoing daily operations have seemingly been guaranteed for at least one more quarter, as the smartphone maker gears up for their last-hurrah with the Palm (NSDQ: PALM) Pre’s launch in a few months. Contrary to Palm’s initial announcement that they would be making public 18.5 million shares currently held by investor Elevation Partners, Palm has come out and announced that they ended up selling 23.125 million shares. Offered at $6 per share to the public, Palm reports a $83.9 million payday that should keep the company afloat until the Palm Pre can come in an rejuvenate the company.

Palm recently reported that they expected to spend between $95 million and $100 million on operational expenses for the third quarter, which should put a serious dent in the company’s $215 million – $220 million in cash reserves. Yesterday’s cash infusion should help give Palm the necessary funds to properly launch the Palm Pre as the market-dominating smartphone that Palm needs it to be.

Palm

[Via: UnwiredView]