Palm Inc. announced that the Palm Board of Directors has approved a reverse stock split and established a ratio of 1-for 20. This move followed a vote Oct. 1 at the Palm Annual shareholders’ Meeting in which shareholders authorized the board to effect the reverse split. Palm common stock will begin trading on a reverse-split basis on Oct. 15, 2002. As a result of the reverse stock split, every 20 shares of Palm common stock will be combined into one share of Palm common stock. The reverse stock split affects all shares of common stock, stock options, and warrants of Palm outstanding as of immediately prior to the effective time of the reverse stock split. Palm will pay cash in lieu of fractional shares. The number of shares of Palm common stock currently outstanding is approximately 580 million. Shares of Palm common stock will trade on the Nasdaq National Stock Market under the symbol “PALMD” for 20 trading days after the reverse split goes into effect. After that period, trading will resume under the current symbol “PALM.”