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PalmSource looks to raise additional cash

The handheld-software developer plans to offer 3 million shares at $18 each.

Handheld software developer PalmSource announced Friday it has priced shares for a public offering. The company, based in Sunnyvale, Calif., filed with the Securities and Exchange Commission its plan to offer 3 million shares to the public for $18 per share.

Last Thursday, the board of directors at PalmSource also authorized a voluntary stock option exchange program in an effort to retain and reward all employees. Employees with vested and unvested options that have an exercise price above $30 per share and were granted on or after Nov. 7, 2003, are eligible.