Palm, Inc.’s board of directors has approved a 2-for-1 split of its common stock.
According to a statement, this move “will help the company align its capital structure to that of companies with comparable revenue.”
Details of the Transaction
The stock split will entitle all Palm stockholders to receive one additional share of common stock for each share held on February 28.
The additional shares will be distributed on March 14, and Palm stock will begin trading on NASDAQ at the split-adjusted price on March 15, 2006.
Today, Palm has approximately 51 million shares outstanding. The split will bring the number of shares to more than 100 million.