Palm repeatedly 23.13 million shares in a follow-up, suggesting he had announced the previous day. Although the company originally intended to offer only 18.5 million shares of its investor Height Partners, Palm added more stocks at a bargain, which it at a price of $ 6 share.

Height has received $ 49 million offering, while the Palm netted $ 83.9 million. Palm intends to use proceeds for working capital, as well as to strengthen its resources for its highly anticipated launch pre smartphone.

Palm shares rose more than 9.5 per cent to $ 6.59 in early morning trade.