The pace of announcements has slowed a bit since the last update. My list now has 36 entries, five more since the last update. We have also had some significant vote results come in.

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
26. FirstCash Holdings, Inc.	FCFS	Delaware	Texas
27. AerSale Corp	ASLE	Delaware	Texas
28. Natural Gas Services Group, INC	NGSG	Colorado	Texas
29. Archer Aviation Inc	ACHR	Delaware	Texas
30. Sonoma Pharmaceuticals, inc	SNOA	Delaware	Nevada
31. Samsara Inc	IOT	Delaware	Nevada
32. Dell Technologies	DELL	Delaware	Texas
33. Spruce Power Holding Corp	SPRU	Delaware	Texas
34. King Resources	KRFG	Delaware	Nevada
35. Thunder Power Holdings	AIEV	Delaware	Nevada
36. NexGel, Inc.	NXGL	Delaware	Nevada

Here is an updated sheet with everything I’ve collected so far. I’ve also had Claude generate some graphics.

Origin & Destination

Although I’ve been looking closely at the companies coming to Nevada or Texas to understand trends, I hadn’t closely looked at the companies going to Delaware to see if I could discern any patterns yet. The five companies picking Delaware so far this year are:

• LQR House (NV –> DE)
• Cheetah Net (NC –> DE)
• EQV Ventures (Cayman –> DE)
• Haymaker Acquisition Corp. 4 (Cayman –> DE)
• NL Industries (NJ –> DE)

EQV Ventures and Haymaker are both de-SPACs from the Caymans to Delaware. I haven’t excluded them from the data set at this point, but if you put them to the side, we’re looking at 34 reincorporations with Texas at 15, Nevada at 12, and Delaware at 3, and the Caymans at 3.

Movement Over Time

This is a neat visualization. The first four announcements in the dataset are all late 2025 with votes happening in 2026.

Different Visualization on Origin & Destination

This visualization captures a big difference between Texas and Nevada. Texas has been picking up corporations from different places while Nevada has only picked up companies leaving Delaware.

Redomiciliation Count vs. Market Cap

This is another fun comparison. Texas and Nevada have the bulk of the movement and the money in terms of rough market cap. Of course, Exxon and Dell account for over 85% of the overall market cap here. Exxon is just a big one.

Approval Margins

Here, the approval margins are calculated as votes in favor as a percentage of votes cast. This chart does not include the moves via written consent.

I can refine my numbers after this for the next update. In contrast to my little chart here, Exxon’s 8-K shows Exxon as having secured 71.2% of the vote and this chart shows them at 61%. The difference is because Exxon calculated the percentage of votes in favor vs. against–as it should have. At the time, Exxon was a New Jersey corporation and New Jersey’s law runs on votes actually cast at a meeting. Delaware runs off of a majority of the outstanding equity so it’s going to be a higher hurdle.

How you calculate these percentages changes how we see what’s happening. My chart lumps abstentions and broker non votes together even though many companies break them out separately. I’m going to need to go back and update the chart to include total equity outstanding as a separate column after this.