September 18, 2009, 2009 (FinancialWire) — Palm, Inc. (NASDAQ: PALM) plans to offer around 16 million shares of common stock. Goldman, Sachs & Co. (NYSE: GS) and J.P. Morgan Securities (NYSE: JPM) are serving as the joint bookrunners.

The underwriters will have an option to purchase up to an additional 2.4 million shares of common stock to cover over-allotments.

Palm plans to use the net proceeds for working capital and general corporate purposes.

The company said that Elevation Partners has indicated its intention to buy $35 million of Palm shares in the offering, at the public offering price.

Sunnyvale, California-based Palm makes mobile products, including PDAs and smartphones. The company launched the Palm Pilot in 1996 and the Palm V in 1999. It now offers the Treo, Palm Pre and Centro smartphones, as well as software, services and accessories.

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