The duo announced that they were exiting the group earlier this month in order to "embark on a musical excursion of their own".
Ross confirmed the name change in an email to MTV News, adding that the pair had also considered The Guts but decided that it sounded "too punk" for what they wanted.
Their first single 'Change' is now streaming on their official website and they are currently in the studio finishing their debut album with Phantom Planet's Alex Greenwald and producer Rob Mathes, who worked on Panic's Pretty.Odd LP.
Panic At The Disco frontman Brendan Urie recently insisted that he and dummer Spencer Smith would continue with the band. Their first single as a duo, 'New Perspective', has also begun streaming on their official website.