Palm Needs $49 Million for the Pre Project

Posted on March 10, 2009. Filed under: Mobile World | Tags: , |

By Chris, Mobilewhack.com

palm-pre-webos

Palm seems mentally ready to launch the Pre, but does it have all that much needed money to fund the Pre project? Palm has just decided to remarket around 18.5 million common shares which underlie preferred stock and warrants that Elevation Partners bought back in January.

If everything goes well, Palm will get $49 million, more than plenty “to further bolster the resources Palm is devoting to the launch of the Palm Pre and future product-development efforts.” Elevation Partners will also get $49 million, exactly the price it initially paid for the same shares. Let’s hope the Pre is worth all that money then! We wouldn’t want to see Palm taken out of the cellphone business by a promising handset that failed to confirm.

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