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Investors' Roundtable / Stock Splits
|Subject: Why is Palm splitting their stock?||Date: 2/24/2006 5:51 PM|
|Author: Brandorr||Number: 940 of 942|
Palm Announces 2-for-1 Stock Split
SUNNYVALE, Calif.--(BUSINESS WIRE)--Feb. 13, 2006--Palm, Inc., (Nasdaq:PALM) today announced that its board of directors has approved a 2-for-1 split of its common stock, which will be effected in the form of a stock dividend.
Today, Palm has approximately 51 million shares outstanding. The split, which will bring the number of shares outstanding to more than 100 million, will help the company align its capital structure to that of companies with comparable revenue.
The stock split will entitle all Palm stockholders of record as of the close of business on Feb. 28, 2006, to receive one additional share of common stock for each share of common stock held on that date. The additional shares will be distributed to stockholders on March 14, 2006. Palm stock will begin trading on NASDAQ at the split-adjusted price on March 15, 2006.
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