Early November 2026 Reincorporation Update

Moves have continued. There were 71 in mid-October. Now, the number stands at 80. As always, a copy of our spreadsheet is available here. As usual, I’ve had Claude generate infographics to help visualize the movement. The full list is after the jump below.

Nevada Takes Lead In Companies

Nevada recently displaced Texas as the leading destination, drawing 30 companies to Texas’s 28. Delaware’s count also grew by one as I found a de-SPAC that I hadn’t previously tracked.

Movement Over Time

Movement this year has not been limited to proxy season. It’s hard to know how much more we’ll see in November, but we’ve got two in the first week.

Rough Equity Value

Texas continues to lead on overall rough market capitalization. This particular chart uses a log scale, so the gap looks smaller than it really is.

Migration Patterns

Both Delaware and Texas draw from a fairly wide range of states. Nevada has some other jurisdictions in the mix, but has primarily drawn from Delaware.

Headquarters

Texas continues to do very well with companies headquartered there.

Approval Methods

Nevada has largely picked up moves approved by written consent, while Texas and Delaware moves more often go to a shareholder vote.

Company Size and Vote Patterns

This chart is new. Larger, more widely held companies have faced more opposition. Smaller firms have largely not had trouble. But many of the smallest moves were also to Delaware.

Delaware’s Ledger

If you’re tracking Delaware specifically, exits largely go to Nevada or Texas, but Delaware remains a preferred destination for international moves.

As always, special thanks to Boyd Law students Hunter Hawkins, Enya Dinca, and Rocco Marino for their help maintaining and updating the spreadsheet.

#	Company Name	Principal Executive Office	Origination State	Destination State
1	GigCapital7, Inc.	California	Cayman Islands	Delaware
2	Haymaker Acquisition Corp 4	Oklahoma	Cayman Islands	Delaware
3	Forian, Inc.	Pennsylvania	Delaware	Maryland
4	Cheetah Net	China	North Carolina	Delaware
5	Galecto	Massachusetts	Delaware	Cayman Islands
6	Curaleaf Holdings, Inc.	Connecticut	British Columbia	Delaware
7	TruGolf	Utah	Delaware	Nevada
8	LQR House	Florida	Nevada	Delaware
9	CBAK Energy	China	Nevada	Cayman Islands
10	Resolute Holdings Management, Inc.	New York	Delaware	Nevada
11	Forward Industries, INC	Texas	New York	Texas
12	EQV Ventures Acquisition	Utah	Cayman Islands	Delaware
13	Datadog, Inc.	New York	Delaware	Nevada
14	Keel Infrastructure Corp.	New York	Ontario	Delaware
15	Datasea, Inc.	China	Nevada	British Virgin Islands
16	CDT Equity	Florida	Delaware	Cayman Islands
17	eXp World Holdings	Texas	Delaware	Texas
18	ArcBest Corp	Arkansas	Delaware	Texas
19	Texas Capital Bancshares	Texas	Delaware	Texas
20	ExxonMobil Corp.	Texas	New Jersey	Texas
21	NL Industries	Texas	New Jersey	Delaware
22	ClearOne Inc	Utah	Delaware	Nevada
23	Liberty Media Corporation	Colorado	Delaware	Nevada
24	The LGL Group, Inc.	Florida	Delaware	Nevada
25	TTEC Holdings, Inc.	Texas	Delaware	Texas
26	Weatherford International plc	Texas	Ireland	Texas
27	Dream Finders Homes	Florida	Delaware	Texas
28	Voyager Technologies	Colorado	Delaware	Texas
29	GPGI, Inc.	New Jersey	Delaware	Nevada
30	FirstCash Holdings, Inc.	Texas	Delaware	Texas
31	AerSale Corp	Florida	Delaware	Texas
32	Natural Gas Services Group, INC	Texas	Colorado	Texas
33	Archer Aviation Inc.	California	Delaware	Texas
34	Sonoma Pharmaceuticals, inc	Colorado	Delaware	Nevada
35	Samsara Inc	California	Delaware	Nevada
36	Wave Life Science LTD	Singapore	Singapore	Delaware
37	Dell Technologies	Texas	Delaware	Texas
38	Spruce Power Holding Corp	Texas	Delaware	Texas
39	Jushi Holdings Inc.	Florida	British Columbia	Nevada
40	Aptorum Group Ltd	UK	Cayman Islands	Delaware
41	King Resources	China	Delaware	Nevada
42	Thunder Power Holdings	Delaware/China	Delaware	Nevada
43	NexGel, Inc.	Pennsylvania	Delaware	Nevada
44	DeFi Development Corp.	Florida	Delaware	Nevada
45	Granite Ridge Resources	Texas	Delaware	Texas
46	Weatherford International plc	Texas	Ireland	Delaware
47	Nova Minerals	Colorado	Australia	Nevada
48	Trulieve Cannabis Corp.	Florida	British Columbia	Delaware
49	Nu-Med Plus, Inc.	New York	Utah	Nevada
50	Energy Transfer LP	Texas	Delaware	Texas
51	Sunoco LP	Texas	Delaware	Texas
52	SunocoCorp LLC	Texas	Delaware	Texas
53	USA Compression Partners	Texas	Delaware	Texas
54	Etoiles Capital Group Co. LTD	Hong Kong	Cayman Islands	Nevada
55	Sui Group Holdings	Minnesota	Minnesota	Delaware
56	TopPoint Holdings	Pennsylvania	Nevada	Delaware
57	DoorDash	California	Delaware	Nevada
58	Outdoor Holding Company	Texas	Delaware	Texas
59	NextCure	Maryland	Delaware	Texas
60	LandBridge Co LLC (LB)	Texas	Delaware	Texas
61	Catheter Precision	South Carolina	Delaware	Nevada
62	Cemtrex Inc.	New York	Delaware	Nevada
63	Arrive AI Inc.	Indiana	Delaware	Nevada
64	BCB Bancorp Inc.	New Jersey	New Jersey	Delaware
65	Natural Grocers by Vitamin Cottage, Inc.	Colorado	Delaware	Texas
66	Cintas Corp	Ohio	Washington	Delaware
67	Texas Pacific Land Corporation	Texas	Delaware	Texas
68	Onfolio Holdings, Inc.	Delaware	Delaware	Nevada
69	Solidion Technology	Texas	Delaware	Texas
70	InMed Pharmaceuticals	Canada	British Columbia	Nevada
71	Korsana Biosciences, Inc	Massachusetts	Massachusetts	Cayman Islands
72	Melar Acquisition Corp.	New York	Cayman Islands	Nevada
73	Airship AI	Washington	Delaware	Nevada
74	Vivos Therapeutics, Inc.,	Colorado	Delaware	Nevada
75	Taoweave	Colorado	Delaware	Nevada
76	Atlas Energy Solutions	Texas	Delaware	Texas
77	Willis Lease Finance Corp.	Florida	Delaware	Nevada
78	iSpecimen Inc.	Massachusetts	Delaware	Nevada
79	AppLovin	California	Delaware	Nevada
80	Virtu Financial	New York	Delaware	Texas