By Californian law, 365,880 signatures were required to qualify the initiative for a vote.
The southern state would comprise Orange, Riverside, San Bernardino, San Diego, Imperial, Kern, Kings, Fresno, Tulare, Inyo, Madera, and Mono.
The Bay Area would be part of a new Northern California state with a border that starts north of Monterey, runs east and north to the Nevada state line, and includes everything north to the OR border.
Draper believes that 'the citizens of the whole state would be better served by three smaller state governments while preserving the historical boundaries of the various counties, cities and towns'.
Billionaire Timothy Draper, who originally floated a plan to divide the partition California into six separate states in 2014, has revised that plan with one that would see the state divided into three: Northern California, Southern California, and a new California.
This isn't the first time that Draper has put forward a ballot initiative in favor of breaking up California.
Supporters say the state has grown too huge to satisfy the needs of Californians. Higher than 366,000 are wished to put the question on the November ballot.
Mr Draper, who in 2014 and 2016 failed in his efforts to win approval for a ballot initiative to divide the state into six parts, said in a news release Thursday that he planned to file the signatures with Secretary of State Alex Padilla's office next week.
Preston and Reed called for a "free and Independent State" with 'full power to establish and maintain law and order, to promote general prosperity'.
"The unanimous support for CAL 3 from all 58 of California's counties to reach this unprecedented milestone in the legislative process is the signal that across California, we are united behind CAL 3 to create a brighter future for everyone", Draper said.
"The education system is just about the worst in all 50 states, and it's the biggest state", Draper said. But like efforts before them, they're highly unlikely to gain significant traction.
Creating two new states would add four new members to the U.S. Senate, two for each of the additional Californias.