Handspring to raise $48.5 million from Qualcomm, public

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Handheld device maker Handspring Inc. announced the public offering of 7 million shares of stock on Wednesday, as well as a US$10 million investment from Qualcomm Inc.

The new shares of stock became available yesterday, at US$5.50 per share, $1.51 less than the $7.01 closing price of Handspring's (HAND) stock on the Nasdaq Wednesday. The stock sale will raise $38.5 million for Handspring.

In addition, wireless communications company Qualcomm has agreed to purchase more than 1.8 million shares of Handspring stock, for a total of $10 million, Handspring said in a statement.

Handspring will use the money raised by the offerings for "general corporate purposes," which may include investments and acquisitions, Handspring said.

Both transactions were filed under a shelf statement with the U.S. Securities and Commission last week, the company said.

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