With proxy season getting underway, I’m sharing the updated list since my post about this in March. We have another 6 companies added to the list since March 23, a rate of about two companies a week. Five announced departure plans were from Delaware and one from Ireland. In terms of destinations, four companies announced for Texas with two announcing for Nevada.

Company Name	Stock Ticker	Origination State	Destination State
1. TruGolf	TRUG	Delaware	Nevada
2. Forian, Inc.	FORA	Delaware	Maryland
3. LQR House	YHC	Nevada	Delaware
4. CBAK Energy	CBAT	Nevada	Cayman Islands
5. Cheetah Net	CTNT	North Carolina	Delaware
6. Galecto	GLTO	Delaware	Cayman Islands
7. Resolute Holdings Management, Inc.	RHLD	Delaware	Nevada
8. Forward Industries, INC	FWDI	New York	Texas
9. EQV Ventures Acquisition	FTW	Cayman Islands	Delaware
10. Datadog, Inc.	DDOG	Delaware	Nevada
11. Haymaker Acquisition Corp 4	HYAC	Cayman Islands	Delaware
12. CDT Equity	CDT	Delaware	Cayman Islands
13. eXp World Holdings	EXPI	Delaware	Texas
14. ArcBest Corp	ARCB	Delaware	Texas
15. Texas Capital Bancshares	TCBI	Delaware	Texas
16. ExxonMobil Corp.	XOM	New Jersey	Texas
17. NL Industries	NL	New Jersey	Delaware
18. ClearOne Inc	CLRO	Delaware	Nevada
19. Liberty Media Corporation	FWONA, FWONB, FWONK	Delaware	Nevada
20. The LGL Group, Inc.	LGL	Delaware	Nevada
21. TTEC Holdings, Inc.	TTEC	Delaware	Texas
22. Weatherford International plc	WFRD	Ireland	Texas
23. Dream Finder Homes	DFM	Delaware	Texas
24 Voyager Technologies	VOYG	Delaware	Texas
25. GPGI, Inc.	GPGI	Delaware	Nevada

From a trend perspective, I’m feeling comfortable now that my prediction that this year would see more action than last year will be accurate. Looking back on 2025, my imprecise count had roughly 28 announcements for Nevada and eight for Texas. So far, Texas has nine and Nevada has seven, so Texas has already exceeded its 2025 count. Here is a link to a PDF of the underlying dataset.

Research Assistant Infographics

We have some more infographics from the research assistant team here.

Origin & Destination

Market Cap By Destination

Vote Results

Claude’s Infographics

I gave the same information to Claude and asked it to also produce some data visualizations. I also instructed it to keep Nevada silver, Texas red, and Delaware blue for a degree of visual consistency. Here are some others that may help make sense of what we’re seeing.

Migration Routes

What interests me about this visualization is that it shows Texas is drawing from non-Delaware jurisdictions with companies shifting from Ireland, New Jersey, and New York. Nevada’s pickups so far this cycle are all coming from Delaware. Delaware’s pickups come from Nevada, North Carolina, and the Caymans.

Market Cap by Destination Excluding Exxon

Exxon is just so large that the picture changes if you set it to the side.

Notes on Proxies

Proxy Notes

Looking through the new filings, a few things jumped out at me as significant.

TTEC

TTEC indicated that it had been mulling this decision for a long time and that it had been concerned with Delaware’s “apparent hostility to controlled companies at the time:”

The TTEC Board and management have been considering the business merits of possible redomestication since 2016, as part of the Company’s broader consideration of how it can best support its strategic goals, serve its global clients, and position itself for future success. More recently, the Board’s evaluation of a potential redomestication included deliberation and discussion of the advantages and disadvantages of changing the jurisdiction of incorporation at meetings of the Board in December 2023 and February 2024. The Board, both before and after those meetings, explored the business merits of redomestication while also considering the evolving realities of Delaware law and its apparent hostility to controlled companies at the time. The Board at that stage concluded that, while redomestication was in the best interests of TTEC and its stockholders from a business perspective, the uncertainties in Delaware law, the courts apparent hostility to controlled companies’ efforts to redomesticate out of Delaware at the time, and other factors weighed in favor of delaying any action. The Board directed management to continue monitoring developments in Delaware corporate law and to keep the Board advised on relevant issues and developments.

TTEC also recited a list of other companies that had announced moves or otherwise headquartered in Texas, something I hadn’t seen any other proxy do. This is the paragraph:

The Company is not the first public company to consider redomiciling from Delaware to another jurisdiction. Other public companies that have redomiciled during the last two years or that have pending redomestication proposals include ArcBest Corporation, Coinbase Global, Inc., Dillard’s, Inc., Dropbox, Inc., Eightco Holdings Inc., EquipmentShare.com Inc, eXp World Holdings, Inc., Simon Property Group, Inc., Tesla, Inc., Texas Capital Bancshares, Inc., The Trade Desk, Inc., and Tripadvisor, Inc. In addition, Exxon Mobil Corporation recently proposed redomiciling from New Jersey to Texas. Other prominent companies incorporated in Texas include AMERISAFE, Inc., Atmos Energy Corporation, Camden Property Trust, CenterPoint Energy, Inc., Rush Enterprises, Inc., Service Corporation International, Southwest Airlines Co., and Space Exploration Technology Corporation (SpaceX).

Dream Finders Homes

Dream Finders Homes discussed differences between business courts and preferred Texas:

While Delaware has historically been known for its developed body of case law, the Board of Directors views Texas’ increasingly code-based approach and adoption of a dedicated Business Court as better supporting the Company’s strategic planning in today’s competitive environment. Texas’ legal framework is intended to reduce reliance on judicial discretion and offers potentially more predictable statutory standards. While Nevada also has a strong corporate code, the Board of Directors considered the development of the Texas Business Court and Nevada’s business docket and believed that the Texas Business Court would provide for greater stability in decision-making and a more streamlined process for litigation.

GPGI

GPGI echoed views we’ve already seen from other companies:

The Board believes that there are several reasons the Nevada Reincorporation is in the best interests of the Company and its stockholders. The Board determined that it would be advantageous for the Company to be able to operate with agility in a predictable, statute-focused legal environment, which will better allow the Company to respond to emerging business trends and conditions as needed. The Board considered Nevada’s statute-focused approach to corporate law and other merits of Nevada law, including that, among other things, the Nevada statutes codify the fiduciary duties of directors and officers, which has the potential to decrease reliance on judicial interpretation and promote stability and certainty for corporate decision-making. The Board also considered the increasingly active litigation environment in Delaware, which has engendered costly and often meritless litigation and has the potential to cause unnecessary distraction to the Company’s directors and management team.