Now that two months have passed since the last time I updated this chart, it seemed like a good opportunity to look at what happened in the votes that were still pending.
I also added a separate chart for Texas.
Nevada Running Results
As it stands, Nevada saw 18 firms attempt to shift to Nevada. Only three were unsuccessful. The list below includes 19 firms though because I added the Live Nation split off as something to track and discovered that Netcapital now seeks to shift from Utah to Nevada.
The three that failed seem driven by non-votes. Simply getting shareholders to vote seems to be a consistent problem. Eightco, Revelation Biosciences, and Nuburu all won majorities of the votes cast, but lacked sufficient votes overall.
| 2025 Nevada Domicile Shifts | |||
| Firm | Result | Notes | |
| 1. | Fidelity National Financial | Pass | |
| 2. | MSG Sports | Pass | |
| 3. | MSG Entertainment | Pass | |
| 4. | Jade Biosciences | Pass | Jade merged with Aerovate. |
| 5. | BAIYU Holdings | Pass | Action by Written Consent |
| 6. | Roblox | Pass | |
| 7. | Sphere Entertainment | Pass | |
| 8. | AMC Networks | Pass | |
| 9. | Universal Logistics Holdings, Inc. | Pass | Action by Written Consent |
| 10. | Revelation Biosciences | Fail | 97% of votes cast were for moving. There “were 1,089,301 broker non-votes regarding this proposal” |
| 11. | Eightco Holdings | Fail | Votes were 608,460 in favor and 39,040 against with 763,342 broker non-votes. |
| 12. | DropBox | Pass | Action by Written Consent |
| 13. | Forward Industries | Pass | This is New York to Nevada. Votes were 427,661 for and 96,862 against with 214,063 Broker Non-Votes |
| 14. | Nuburu | Fail | 87% of the votes cast were in favor of the proposal. 11% against 1.6% Abstained. There were 12,250,658 Broker Non-Votes. |
| 15. | Xoma Royalty | Pass | |
| 16. | Tempus AI | Pass | |
| 17. | Affirm | Pass | |
| 18. | Live Nation | Pending | This is a split off from a Delaware entity to Nevada |
| 19. | Netcapital | Pending | This is a proposed move from Utah to Nevada. |
Texas Running Results
| 2025 Texas Domicile Shifts | |||
| Firm | Result | Notes | |
| 1. | Zion Oil and Gas | Pass | |
| 2. | Mercado Libre | Withdrawn | |
| 3. | Dillard’s | Pending | |
Context & IPO Trends
As I mentioned in an earlier post, these numbers have to be viewed against a broader backdrop. Delaware has seen more public companies join Delaware than leave in 2025. One recent report from Abigail Gampher Takacs at Bloomberg Law explains that “Delaware still leads for incorporation venue purposes by a wide margin over any other state, according to Bloomberg data.” Her report indicates Delaware has picked up 36 companies via IPO so far in 2025.
In looking at this issue, I’ve been able to identify seven firms that have either held IPOs or are in Registration as Nevada entities. One of the things to watch for this early trend is whether firms are picking Nevada at the IPO stage. There are some. Nevada has always done well with microcap firms simply because Nevada does not charge very much money.
It will be more significant if larger firms pick Nevada. For example, StubHub filed an S-1/A earlier this week. It picked Delaware. Fortunately, the large volume of tickets it sells and resells in Las Vegas will help it afford the fees.
2025 IPOs into Nevada
NusaTrip is a small firm and held its IPO today. It priced at $4 a share and raised $15 million.
Ategrity converted to a Nevada entity at the time of its IPO. (“In connection with our initial public offering, Ategrity Specialty Holdings LLC will be converted from a Delaware limited liability company to a Nevada corporation and each of the units representing a limited liability interest in Ategrity Specialty Holdings LLC will be converted into 0.0937868 shares of common stock of the resulting corporation (the “Corporate Conversion”).”)
Nevada Firms In Registration