Commerce.com Adopts Limited Duration Stockholder Rights Plan
Rhea-AI Summary
Commerce.com (Nasdaq: CMRC) adopted a limited duration stockholder rights plan effective April 14, 2026, expiring April 12, 2027, to protect stockholders after an unsolicited acquisition proposal from Rezolve Ai (Nasdaq: RZLV) on April 8, 2026. The Board deemed Rezolve Ai’s exchange offer materially undervalues Commerce.com and will distribute one preferred stock purchase right per common share to holders of record on April 27, 2026.
Each right can allow purchase of 0.001 share of Series A Junior Participating Preferred Stock at a $13.00 exercise price; rights may be redeemed by the Board before an acquiring person crosses 10% (20% for Passive Institutional Investors) ownership.
Positive
- Rights plan effective April 14, 2026
- Rights expire April 12, 2027
- Record date for rights distribution: April 27, 2026
- Exercise price set at $13.00
- Acquirer threshold: 10% (or 20% for passive institutional investors)
Negative
- Adopted in response to an unsolicited offer implying a 47% discount
- Offer structure would exchange 1 RZLV share for 2 CMRC shares
- Rights may complicate or delay takeover-related transactions through April 12, 2027
News Market Reaction – CMRC
On the day this news was published, CMRC declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CMRC traded at $2.51, down 4.56% pre-announcement, while peers were mixed: BIGC -7.72%, LAW +11.83%, PUBM +2.85%, API +4.44%, OOMA +0.43%. The lack of uniform direction and no peers in the momentum scanner suggest a stock-specific setup rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 09 | Investor briefing announcement | Neutral | -1.5% | Announced investor briefing at 2026 Commerce Live conference with leadership Q&A. |
| Apr 08 | Rezolve Ai proposal rejected | Positive | -2.2% | Board rejected unsolicited Rezolve Ai stock-for-stock offer as significantly undervaluing CMRC. |
| Apr 06 | Customer and partner awards | Neutral | +0.4% | Recognized APAC customers and partners across multiple ecommerce performance categories. |
| Mar 04 | Peer funding announcement | Positive | +1.7% | Peer BIGC announced $180M growth equity investment to scale logistics and AI capabilities. |
| Feb 25 | Conference presentation | Neutral | -0.7% | Planned CFO/COO presentation at Morgan Stanley TMT Conference with webcast access. |
Recent CMRC headlines, including responses to Rezolve Ai proposals and investor events, have often been followed by modest negative or muted price reactions, even when the news skewed neutral to positive.
Over the last few months, CMRC has focused on investor outreach and positioning against Rezolve Ai’s unsolicited offers. On April 8, 2026, the Board labeled Rezolve Ai’s proposal as significantly undervaluing the company, yet the stock fell 2.2%. Conference and event-related news on February 25 and April 9, 2026 also saw small declines. Against this backdrop, today’s limited-duration rights plan continues the theme of defending perceived intrinsic value amid a depressed share price range.
Market Pulse Summary
This announcement details a limited-duration stockholder rights plan adopted after the Board rejected Rezolve Ai’s all-stock proposal as a 47% discount to CMRC’s value. The plan sets an exercise price of $13.00 and triggers at 10% or 20% ownership thresholds, aiming to deter accumulations without Board approval. Recent history shows CMRC emphasizing governance, investor outreach, and 2025 performance metrics such as $342.3 million in revenue and $31.7 million in Adjusted EBITDA.
Key Terms
stockholder rights plan financial
Series A Junior Participating Preferred Stock financial
tender or exchange offer financial
derivative securities financial
passive institutional investor financial
AI-generated analysis. Not financial advice.
AUSTIN, Texas, April 14, 2026 (GLOBE NEWSWIRE) -- Commerce.com, Inc. (the “Company”) (Nasdaq: CMRC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced that its Board of Directors (the “Board”) has adopted a limited duration stockholder rights plan (the “Rights Plan”). The Rights Plan is effective immediately and is scheduled to expire on April 12, 2027.
The Board adopted the Rights Plan in response to the unsolicited acquisition proposal made by Rezolve Ai PLC (NASDAQ: RZLV) on April 8, 2026 under which Rezolve Ai proposed to acquire all of the outstanding common shares of Commerce.com by exchanging one Rezolve Ai share for every two shares of Commerce.com, implying a
“The Board is committed to maximizing long-term value and acting in the best interests of all Commerce.com stockholders,” said Ellen Siminoff, Executive Chair of the Commerce Board of Directors. “The Rights Plan is intended to protect stockholder interests and ensure fair and equitable treatment, while providing the Board with the time and flexibility to thoroughly evaluate any transaction proposals in a deliberate and informed manner.”
Under the Rights Plan, one preferred stock purchase right will be distributed for each share of Commerce.com common stock held by stockholders of record on April 27, 2026. Under certain circumstances, each right will entitle stockholders to buy one one-thousandth of a share of newly created Series A Junior Participating Preferred Stock of the Company at an exercise price of
Subject to limited exceptions, if a person or group acquires
The dividend distribution to establish the new Rights Plan will be payable to stockholders of record on April 27, 2026. The rights distribution is not taxable to stockholders.
Further details about the Rights Plan will be contained in a Form 8-K to be filed by the Company with the Securities and Exchange Commission.
About Commerce
Commerce (Nasdaq: CMRC) empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Dell, Harvey Nichols, King Arthur Baking Co., Mizuno, Pacsun, Perry Ellis, Skechers, SportsShoes and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.
Important Information for Investors and Stockholders
This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. If a tender offer or exchange offer is commenced, the Company will file a solicitation/recommendation statement on Schedule 14D-9 with the SEC. Any solicitation/recommendation statement filed by the Company that is required to be mailed to stockholders will be mailed to stockholders. THE COMPANY’S INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S SOLICITATION/RECOMMENDATION STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the solicitation/recommendation statement on Schedule 14D-9 (when available), any amendments or supplements thereto and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “SEC Filings” link in the “Financials” section of the Company’s website, https://investors.commerce.com, or by contacting InvestorRelations@commerce.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our fiscal 2026 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, the anticipated benefits and opportunities related to our 2025 realignment may not be realized or may take longer to realize than expected, our ability to pay the interest and principal on our indebtedness depends upon cash flows generated by our operating performance, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce.com, Inc. at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Commerce.com, Inc. assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.
Media Relations Contact
Brad Hem
PR@commerce.com
Andrew Siegel / Sophie Throsby / Melissa Johnson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Investor Relations Contact
Tyler Duncan
InvestorRelations@commerce.com
