We’ve had some additional movement on the reincorporation front since the July update and we’ve also identified some smaller moves that hadn’t been captured in the earlier reviews. In July we’d identified 43 attempted moves for 2026, that number now sits at 59. As always, the underlying spreadsheet with links to filings is here. Given the current length, I’ve moved the full list to the bottom of the post this time.
I’ve also had Claude generate infographics again to help make trends easier to see. There is some variability in the outputs on these infographics between updates. My only instructions beyond asking for graphics that highlight particular things are to keep Texas Red, Delaware Blue (Go Blue Hens!) and Nevada Silver (the Silver State) so I can understand these at a glance.
Overall Movement Flow
One of the neat things about aiming to capture all the moves is you can see flows going both ways and think about what may be driving some of the movement.
I’m curious about some of these moves. For example, TopPoint Holdings now seeks to shift from Nevada to Delaware. The company has a market cap of about $3.3 million today. Its proxy discloses that the franchise tax in Delaware for it “ranges from a nominal fee to a maximum of $200,000, based on an equation of the number of shares authorized and outstanding and the net assets of the corporation.” It also states that it “may be substantially higher than our current Nevada fees.” Now, I think there have been federal securities actions around using the word “may” to describe a risk when the reality is known to be different.
I looked at it’s proposed charter authorizing 1,050,000,000 shares in Delaware if its proposals pass and Delaware’s guidance for calculating the tax. If their total gross assets for tax purposes is the same as the roughly $11 million on their 10-K, my quick estimate is that they’re probably going to be paying $200,000 annually, but I invite any Delaware lawyers to take a look and see if they think it’s likely to be lower.
Principal Executive Offices
Moves Over Time
My expectation here is that we’d see the vast bulk during the main proxy season, but it’s actually been more dispersed than I expected. Part of this may be the effect of moves by written consent.
Rough Market Cap By Attempted Destination
Texas continues to lead here and I expect it will take the crown in this category this year. Exxon and Dell are the biggest moves overall this year and they’re both in the Texas column. The spreadsheet doesn’t update with market movement, so this is only a rough figure.
Delaware’s largest attempt pickup here is Weatherford which is also in the Texas column. Weatherford first attempted to go from Ireland to Texas. After it didn’t get enough votes (it got about 60% but needed 75%), it proposed Delaware and a related deal. As I was putting this together — the vote result came out. It was approved! (As this came out yesterday as I was putting this together — I’ll get the vote totals and other updates into the next edition.)
Vote Approval Margins
It’s hard to know how useful the cross comparisons are on vote margins without drilling down more because companies with larger block holders may not need to win all that many votes and companies may invest varying amounts in explaining the decision to investors. Still, Delaware does not seem to have any difficulty getting the votes. This first infographic shows percentage of votes cast as yea or nay.
This next infographic displays vote percentages when you account for the abstentions and broker non-votes.
The Archer Aviation result here seems to be explained by non-votes and abstentions.
Delaware In and Out
Companies are moving in different ways here and Delaware has done well with some international moves and domestic micro and nano caps.
The Current List
Here are all the attempted moves I’ve caught this year. Enormous thanks to Boyd Law students Hunter Hawkins and Rocco Marino for the work to help assemble this. Any errors are my own!
| Company Name | Principal Executive Office | Origination State | Destination State | |
| 1. | Haymaker Acquisition Corp 4 | Oklahoma | Cayman Islands | Delaware |
| 2. | Forian, Inc. | Pennsylvania | Delaware | Maryland |
| 3. | Cheetah Net | China | North Carolina | Delaware |
| 4. | Galecto | Massachusetts | Delaware | Cayman Islands |
| 5. | Curaleaf Holdings, Inc. | Conneticut | British Colombia | Delaware |
| 6. | TruGolf | Utah | Delaware | Nevada |
| 7. | LQR House | Florida | Nevada | Delaware |
| 8. | CBAK Energy | China | Nevada | Cayman Islands |
| 9. | Resolute Holdings Management, Inc. | New York | Delaware | Nevada |
| 10. | Forward Industries, INC | Texas | New York | Texas |
| 11. | EQV Ventures Acquisition | Utah | Cayman Islands | Delaware |
| 12. | Datadog, Inc. | New York | Delaware | Nevada |
| 13. | Keel Infrastructure Corp. | New York | Ontario | Delaware |
| 14. | Datasea, Inc. | China | Nevada | British Virgin Islands |
| 15. | CDT Equity | Florida | Delaware | Cayman Islands |
| 16. | eXp World Holdings | Texas | Delaware | Texas |
| 17. | ArcBest Corp | Arkansas | Delaware | Texas |
| 18. | Texas Capital Bancshares | Texas | Delaware | Texas |
| 19. | ExxonMobil Corp. | Texas | New Jersey | Texas |
| 20. | NL Industries | Texas | New Jersey | Delaware |
| 21. | ClearOne Inc | Utah | Delaware | Nevada |
| 22. | Liberty Media Corporation | Colorado | Delaware | Nevada |
| 23. | The LGL Group, Inc. | Florida | Delaware | Nevada |
| 24. | TTEC Holdings, Inc. | Texas | Delaware | Texas |
| 25. | Weatherford International plc | Texas | Ireland | Texas |
| 26. | Dream Finder Homes | Florida | Delaware | Texas |
| 27. | Voyager Technologies | Colorado | Delaware | Texas |
| 28. | GPGI, Inc. | New Jersey | Delaware | Nevada |
| 29. | FirstCash Holdings, Inc. | Texas | Delaware | Texas |
| 30. | AerSale Corp | Florida | Delaware | Texas |
| 31. | Natural Gas Services Group, INC | Texas | Colorado | Texas |
| 32. | Archer Aviation Inc. | California | Delaware | Texas |
| 33. | Sonoma Pharmaceuticals, inc | Colorado | Delaware | Nevada |
| 34. | Samsara Inc | California | Delaware | Nevada |
| 35. | Wave Life Science LTD | Singapore | Singapore | Delaware |
| 36. | Dell Technologies | Texas | Delaware | Texas |
| 37. | Spruce Power Holding Corp | Texas | Delaware | Texas |
| 38. | Jushi Holdings Inc. | Florida | British Colombia | Nevada |
| 39. | Aptorum Group Ltd | UK | Cayman Islands | Delaware |
| 40. | King Resources | China | Delaware | Nevada |
| 41. | Thunder Power Holdings | Delaware/China | Delaware | Nevada |
| 42. | NexGel, Inc. | Pennsylvania | Delaware | Nevada |
| 43. | DeFi Development Corp. | Florida | Delaware | Nevada |
| 44. | Granite Ridge Resources | Texas | Delaware | Texas |
| 45. | Weatherford International plc | Texas | Ireland | Delaware |
| 46. | Nova Minerals | Colorado | Australia | Nevada |
| 47. | Trulieve Cannabis Corp. | Florida | British Colombia | Delaware |
| 48. | Nu-Med Plus, Inc. | New York | Utah | Nevada |
| 49. | Energy Transfer LP | Texas | Delaware | Texas |
| 50. | Sunoco LP | Texas | Delaware | Texas |
| 51. | SunocoCorp LLC | Texas | Delaware | Texas |
| 52. | USA Compression Partners | Texas | Delaware | Texas |
| 53. | Etoiles Cpatial Group Co.. LTD | Hong Kong | Cayman Islands | Nevada |
| 54. | Sui Group Holdings | Minnesota | Minnesota | Delaware |
| 55. | TopPoint Holdings | Pennsylvania | Nevada | Delaware |
| 56. | DoorDash | California | Delaware | Nevada |
| 57. | Outdoor Holding Company | Texas | Delaware | Texas |
| 58. | NextCure | Maryland | Delaware | Texas |
| 59. | LandBridge Co LLC (LB) | Texas | Delaware | Texas |
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