Davis Polk & Wardwell LLP is advising Palm, Inc. in an underwritten public offering of 20 million new shares of common stock, for total gross proceeds of approximately $325 million. This transaction follows the sale of units of convertible preferred stock and warrants to Elevation Partners in January 2009 and an underwritten public offering of common stock in March 2009 that raised combined proceeds in excess of $200 million.

Palm provides mobile products that enable people to stay connected with their family, friends and colleagues, access and share the information that matters to them most and manage their daily lives on the go. Earlier this year, Palm released its Palm Pre smartphone, the first phone to be based on Palm’s new operating system, the Palm webOS mobile platform. Its second webOS smartphone, the Palm Pixi, is scheduled to be available from Sprint in time for the 2009 holiday season.

The Davis Polk corporate team includes partners Sarah K. Solum and William M. Kelly and associates Colin Sturt and Shan Jiang. The tax team includes partner Rachel D. Kleinberg and associate M. Ryan LaRosa. Kimberly Kakade is the legal assistant on the transaction. All members of the Davis Polk team are based in the Menlo Park office.