image thumb425 Palm gets another $100 million from Elevation Partners

Palm has got another lifeline from Elevation Partners, a PE firm that came to its rescue back in Sep 2007 with $325 million injection in return for a 25% stake in the company. Elevation Partners has now give Palm another $100 million in return for preferred stocks, that could be converted to normal shares at $3.25 a share – quiet a premium to the current share price of $2.81. Elevation Partners has also got warrants to purchase additional 7 million shares at $3.25 – if they so desire.