Palm gets much-needed $100m funding injection

Palm gets much-needed $100m funding injection

Staff Writer  |   December 23, 2008
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In a move that will help Palm in its struggle to keep its head above water, the company recently announced it has secured an additional $100 million in funding.

The funding comes via an equity investment by Elevation Partners, which has agreed to acquire Palm stock at a price of $3.25 per share - a 31% premium over its price at close of market on Friday.

Elevation has also been issued an option to acquire a further 7 million shares at the same price.

This cash infusion comes just in time - Palm recently announced it had lost $506 million in the company's latest fiscal quarter, and recorded revenues of just $171 million - below even the company's revised expectations.

But the company has embarked on several projects that could help save the brand, including launching an app store, as well as preparing a new OS, to be launched in January.

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