Commerce One Inc. has completed its reorganization into a holding company structure under the terms of its agreement with automakers in connection with the Covisint LLC marketplace.
A majority of eligible stockholders voted in favor of the reorganization Wednesday during a special stockholder meeting. The company failed in June to garner the necessary votes for the reorganization, which is required for Commerce One to keep half its stake in the Covisint online automotive exchange and up to US$1.25 million in associated costs, which will be reimbursed under the agreementIn connection with the reorganization, Commerce One changed its name to Commerce One Operations and became a wholly owned subsidiary of New Commerce One Holding, which in turn changed its name to Commerce One.
New Commerce One Holding common stock began trading without interruption on the Nasdaq stock market in place of the former Commerce One and under the same trading symbol.
Stockholders of Commerce One received one share of new Commerce One Holding common stock for each share of Commerce One common stock they held prior to the reorganization.