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Tech Industry

RIM nabs nearly $1 billion in stock sell-off

Research In Motion, which offers the BlackBerry handheld device and associated wireless service, sold just over $907 million in stock in an expected public offering, it announced on Wednesday. The Waterloo, Ontario, company sold a little over 12 million shares, including 1.6 million granted to its underwriters, at $78.25 each.

RIM said it intends to use the proceeds for general corporate purposes--such as research and development, expansion of manufacturing capacities, expansion of global sales and marketing--and for working capital, according to a prospectus with the U.S. Securities and Exchange Commission. It may also use portions of the proceeds for acquisitions of or investment in technologies, products or businesses it deems complementary, but it does not have any agreements or commitments in place.