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Palm sells shares, raises $19.1 million

Palm announced on Friday that it has raised $19.1 million by selling 1.2 million shares of common stock to institutional investors for $15.90 per share. The Milpitas, Calif.-based company, which is the market leader in handheld devices and operating systems, did not disclose investor details. It said the sale price was based on a nominal discount over a 10-day, volume-weighted average price for the shares. The shares sold were part of an existing $200 million shelf registration on file with the U.S. Securities and Exchange Commission.

Palm said it will use the proceeds of the sale, along with the $18 million it raised through a previous equity offering announced last week, for general corporate purposes. Palm shares closed Friday at $18.27, up 24 cents, or nearly 1.35 percent.