Companies have continued to shift between jurisdictions in 2026. The September update identified 59 jurisdictional moves. That number has risen to 71. An updated copy of the running spreadsheet is available here.
As usual, I’ve had Claude generate infographics to help make the data easier to understand. I’ve also placed the list of reincorporating companies at the bottom and behind a jump because it’s long at 71 companies.
Overall Movement Flows
In terms of movement flow, most of the activity continues to be out of Delaware, but that should be expected because Delaware has the most public companies. Delaware also runs third here, with 15 attempts to shift to Delaware.
Headquarters and Reincorporations
Texas continues to draw companies with strong existing operational ties to Texas. Delaware and Nevada, in contrast, don’t have the same base.
Movement Over Time
Although I had expected movement to mostly cluster around proxy season, we’re continuing to see a good number of moves now. September was surprisingly busy with 9 identified moves and another two so far in October.
Vote Results – Without Abstentions
On the voting front, Delaware’s familiarity for investors may be helping make it easier to secure votes. The chart shows votes by the percentage in favor on votes cast–this is not always the standard to move. It takes a majority of the outstanding voting power to shift out of Delaware which explains why Archer Aviation’s vote failed despite winning 84% of the votes cast.
Vote Results – With Absentions and Broker-Non Votes
When abstentions and broker non-votes are included, the vote results look different. Companies may struggle to move if they have a high retail base that does not tend to vote.
Movement by Market Cap
When it comes to market cap, Texas picking up Exxon and Dell gives the state a likely insurrmountable lead.
Overall Totals
In terms of raw numbers, it remains close between Texas and Nevada for picking up the most companies this year.
Net Movement Delaware
In the reincorporation space, Delaware has a net loss so far this year of 28 public companies. Of course, Delaware continues to do well in the IPO space, picking up 73 companies. When you look at both reincorporations and IPOs, Delaware continues to grow its stable of franchise-tax paying public companies.
The running list is after the jump. 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. 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. | Connecticut | British Columbia | 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 Finders 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 Columbia | 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 Columbia | 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 Capital 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 |
| 60. Catheter Precision | South Carolina | Delaware | Nevada |
| 61. Cemtrex Inc. | New York | Delaware | Nevada |
| 62. Arrive AI Inc. | Indiana | Delaware | Nevada |
| 63. BCB Bancorp Inc. | New Jersey | New Jersey | Delaware |
| 64. Natural Grocers by Vitamin Cottage, Inc. | Colorado | Delaware | Texas |
| 65. Cintas Corp | Ohio | Washington | Delaware |
| 66. Texas Pacific Land Corporation | Texas | Delaware | Texas |
| 67. Onfolio Holdings, Inc. | Delaware | Nevada | |
| 68. Solidion Technology | Texas | Delaware | Texas |
| 69. InMed Pharmaceuticals | Canada | British Columbia | Nevada |
| 70. Korsana Biosciences, Inc | Massachusetts | Massachusetts | Cayman Islands |
| 71. Melar Acquisition Corp. | New York | Cayman Islands | Nevada |
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