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Palm saved December 23, 2008 [Pocket PC phone] | By Edward J. R. A venture capital company has just announced investment of $100 million in Palm Inc. and this company even believes that Palm is going to transform the cell phone industry! Literally! Palm is one of the best known branded manufacturers selling Windows Mobile phones and it would be a pity if they would go bankrupt or if they would be overtaken by some Windows Mobile -hostile corporation... so it is good to see that Palm is saved! More information Elevation Partners follows. * * * * * Palm Secures Additional $100 Million Equity Investment From Elevation Partners Palm, Inc.today announced that Elevation Partners has agreed to make an additional $100 million equity investment in Palm. Under a definitive agreement reached today, Elevation will increase its investment in Palm by acquiring newly issued Series C preferred stock that is convertible into Palm common stock at a price of $3.25 per share, a 31 percent premium to the closing price of Palm common stock on Dec. 19, 2008. The Series C preferred stock carries a 0% dividend rate. Elevation will also receive warrants to acquire 7 million shares of Palm common stock at the same price. Prior to March 31, 2009, Palm may elect to cause Elevation to sell up to $49 million of this new investment to other investors on the same or better terms than on which Elevation invested. “The additional capital from Elevation Partners will enable us to put added momentum behind the new product introductions scheduled for 2009 and will provide us with enhanced stability in unsettled economic times,” said Ed Colligan, president and chief executive officer of Palm, Inc. “Elevation has been a great partner to Palm, and we appreciate their continued confidence and support.” “We believe that Palm is in a position to transform the cell phone industry, and we are pleased to have the opportunity to make this additional investment in the company. Palm has an industry-leading team and an exciting, differentiated product roadmap. We are proud to be associated with the company and look forward to great things from Palm in 2009 and beyond,” stated Roger McNamee, co-founder of Elevation Partners. The transaction is expected to close by Jan. 31, 2009, subject to customary closing conditions.  Post your comment (free registration is required to post, but if you register you can edit your posts later)
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