Palm resold a couple of more shares than originally planned; 23.13M shares to be exact, compared with the 18.5M shares owned by Elevation Partners it had intended to sell.  The selling price was $6 per share yielding a total of $132.9M and of which $49M went to Elevation and $83.9M went to Palm.

Full press release:

Palm, Inc. (NASDAQ:PALM) today announced that it increased the size of its previously announced public offering of common stock to approximately 23.125 million shares, including approximately 18.5 million common shares underlying 49% of the units of Series C preferred stock and warrants acquired by Elevation Partners in January 2009. The public offering price per share will be $6.00. Upon the closing of the offering, Palm will receive net proceeds of approximately $83.9 million. Palm expects to use the proceeds to strengthen its working capital position and to further bolster the resources it is devoting to the launch of the Palm(R) Pre(TM) and future product-development efforts.

The underwriters will also have a 30-day option to purchase approximately 3.5 million additional shares of common stock from Palm to cover over-allotments, if any.

Elevation Partners, which will recoup the $49 million it originally paid for the units, will use those funds to purchase approximately 8.2 million shares of Palm’s common stock in the offering at the public offering price.

Palm shares closed at $6.92 Tuesday and rose as high as 9.5 percent to $6.59 in early morning trading.