SCHEDULE: Divisar Entities Disclose 4.6% Stake in Commerce.com

Divisar Capital Management LLC and its affiliates have disclosed a 4.6% beneficial ownership stake in Commerce.com, Inc.'s Series 1 Common Stock.

Summary

• Divisar Capital Management LLC, along with its CEO Steven Baughman, reported beneficial ownership of 3,776,896 shares of Commerce.com, Inc.'s Series 1 Common Stock.
• This represents a 4.6% stake in the company, based on 81,263,346 shares outstanding as of November 4, 2025.
• Divisar Partners QP, L.P., a fund managed by Divisar Capital Management LLC, holds 3,479,850 shares, equating to 4.3% of the class.
• The reporting persons, including Divisar Capital Management LLC and Steven Baughman, share voting and dispositive power over their respective holdings.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a change from a previous filing or an initial filing that crossed a threshold.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Commerce.com, Inc.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant passive stake by an institutional investor like Divisar Capital Management LLC can be interpreted as a vote of confidence in Commerce.com, Inc.'s current valuation and future prospects.

Positives

• A significant stake by an institutional investor like Divisar Capital Management LLC can signal confidence in Commerce.com, Inc.'s long-term prospects.
• The passive nature of the investment, as certified by the reporting persons, suggests a belief in the current management and strategy without intent for activist intervention.

Risks

• The filing itself does not detail risks related to Commerce.com, Inc.'s operations or financial health; it is a disclosure of ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance from Commerce.com, Inc. or the reporting persons regarding the issuer's future performance.

Management Comments

• Divisar Partners QP, L.P. expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Divisar Partners QP, L.P. is the beneficial owner of any of the securities reported herein.
• I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that the disclosure of a significant passive stake by an investment firm like Divisar Capital Management LLC in Commerce.com, Inc. is a routine event in public markets. Such filings often indicate an institutional investor's belief in the long-term value of the company, aligning with broader trends of asset managers taking positions in publicly traded entities. While not an activist stake, it adds a notable institutional holder to Commerce.com, Inc.'s shareholder base.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership by an institutional investor. It does not provide operational or financial results for Commerce.com, Inc. that would allow for a direct comparison to industry benchmarks or specific comparable companies like Amazon, eBay, or Shopify in terms of revenue growth, profitability, or market share. The focus is solely on the ownership structure.

Stakeholder Impact

• Shareholders: The presence of a significant institutional investor may provide some stability and confidence, potentially attracting other investors.
• Management: The passive nature of the investment suggests no immediate pressure for strategic changes, allowing management to continue executing its current plans.

Key Dates

Recommendation

While the disclosure of a significant institutional stake by Divisar Capital Management LLC is a positive signal of confidence in Commerce.com, Inc., this filing alone does not provide sufficient operational or financial details to warrant a 'buy' recommendation. It primarily confirms a passive investment position. Investors should 'hold' and await further financial disclosures from Commerce.com, Inc. to assess its performance and strategic direction before making further investment decisions.

Keywords

Commerce.com, Divisar Capital Management, Divisar Partners QP, Steven Baughman, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, SEC Filing, Investment Adviser