New Palm Pre phone to get marketing push

Palm (NASDAQ:PALM) are doing all they can to help the launch of its Palm Pre, which is why they have announced plans to sell 18.5 million shares. Palm have took this action to help pay for the marketing campaign of its new touch screen device.

These shares represent 49 per cent of the Series C preferred stock and warrants, which were acquired by Elevation Partners in January of this year. Palm will then pay Elevations $49 million, this is the price that they paid on the stake, Palm will then keep the rest of the proceeds.

Palm is doing all they can to push its Pre, as they want to take the fight to Apple with their iPhone, the phone should be launched at the end of July. The rest of the proceeds from the sale of these shares will also help to finance future developments.

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