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Handheld computer maker Handspring Inc. on Wednesday announced that wireless technology company Qualcomm Inc. is buying 1,838,945 shares of Handspring common stock, an investment worth $10 million.
Handspring, of Mountain View, Calif., also announced a public offering of 7 million shares at $5.50 apiece.
Proceeds will be used for “general corporate purposes,” which may include capital expenditures, investments and acquisitions, according to a company statement.
Handspring manufactures handheld computers and smart phones based on the Palm OS and has been giving Palm Inc. a run for its money in the handheld hardware business.
Palm recently announced that it had received an investment of $50 million from an unnamed company.