Palm has changed its name to palmOne following stockholder approval of the proposed Palm and Handspring merger, and has agreed to spin off its PalmSource software division as a separate company.
Handspring stockholders will be issued with 13.9 million shares - 0.09 Palm shares for each Handspring share owned. The newly named palmOne will trade on the Nasdaq stock market from today.
At Palm's annual stockholders meeting it was agreed that Palm's 86 per cent stake in PalmSource would be distributed among stockholders.
They will receive approximately 0.31 shares of PalmSource common stock for each Palm share they own, which will also trade on the Nasdaq from today.
Eric Benhamou, chairman of PalmSource and palmOne, said in a statement: "palmOne emerges as a stronger leader in mobile computing and communications, better able to address customer needs with the broadest portfolio, widest distribution channels and the most experienced leadership team in the industry."
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