PalmSource Spin-off and Handspring Acquisition Approved by Stockholders

Palm, Inc. (NASDAQ:PALM) and Handspring, Inc. today announced that stockholders of both companies have approved a transaction that transforms the landscape for handheld computing and communications. The transactions are expected to close later today, and two new leadership companies are expected to emerge and begin trading tomorrow on the Nasdaq stock market.
At Palm’s Annual Stockholders Meeting today, stockholders approved the spin-off of PalmSource, Inc., provider of the world’s leading operating system platform for mobile computing and communications, from Palm, Inc. Palm will distribute all the shares of PalmSource it owns (approximately 86 percent of the total) to Palm stockholders of record as of the close of business today. Those Palm stockholders will receive approximately 0.31 shares of PalmSource common stock for each share of Palm common stock they own. PalmSource common stock will trade on the Nasdaq stock market under the ticker symbol PSRC, starting tomorrow.