Portable device Maker, depending on market conditions, plans to offer 18.5 million shares in secondary offering between now and March 31, said a press Palm.

Proceeds from the sale will be used to repay $ 49 million for its investor partners of heights, and the remainder will be for working capital for the start of pre-and future product development.

There are currently trading at $ 6.38 Palm share offering would be valued at $ 118 million if he was to go today with Palm collecting more than half its pre efforts.

The plans for follow-on offering are derived from the Palm and the elevation of the agreement struck late last year.

Under the agreement, the height of partners have invested $ 100 million in Palm and have the phone Maker have the freedom to make it to market 49 per cent of its shares of Palm, which were tied to its Series C preferred stock and warrants. However, Palm should exercise their right to do so by March 31.

Prior to the announcement Heights, Palm shares