This is why Delaware is home to more than 2.1 million active business entities. Eighty one percent of companies that launched an initial public offering on a U.S. stock exchange chose Delaware as their state of incorporation in 2024, an increase from 2023. That such an overwhelming proportion of newly
Benjamin P. Edwards
Benjamin Edwards currently serves as the Associate Dean for Faculty Research and Development at the William S. Boyd School of Law at the University of Nevada, Las Vegas. He also has a role as Senior Of Counsel with Wilson, Sonsini, Goodrich & Rosati. He researches and writes about business and securities law, corporate governance, arbitration, professional responsibility, and consumer protection, and writes here in his personal and academic capacity.
Nevada Business Court Pilot Program – Dedicated Judges
As I mentioned in an earlier post, Nevada is launching a pilot program to consolidate business court cases before judges dedicated to adjudicating business court cases. This is the Administrative Order creating the pilot program.
The pilot offers a chance to generate data for the next legislative session and to see how many judges will be necessary to carry Nevada’s caseload. This reorganization functionally creates a dedicated business court by dedicating two judges to handle business court matters exclusively. (Fully shifting to an appointed and dedicated system will require a constitutional amendment to pass the next legislative session and a public referendum.)
The Order provides than to “pilot a new Business Court model, Judge Maria Gall (Dept. 9), and Judge Joe Hardy (Dept. 15), will be designated full Business Court Judges.”
Business Court cases assigned to most other judicial Departments “shall be evenly and randomly reassigned to Departments 9 and 15.” The Business Court Cases currently with Department 13, Judge Denton, will remain with Department 13. The non-Business Court cases that were being handled by Departments 9 and 15 are also being reassigned. The changes will exclusively dedicate Judges Gall and Hardy to Business Court matters.
Consolidating Business…
Reincorporation Update – June 16
We’re past the bulk of proxy announcements and waiting on votes to come in at this point. I expect we’ll continue to see some action this year, but I don’t expect the pace to be as rapid.
For context, I looked back at roughly around this time last year. At that point, I was only tracking movement to Nevada and had 17 announcements. By the end of the year, it was up to 28 announcements of some kind or another for Nevada. I had 8 for Texas. That came to roughly 36 overall for Texas and Nevada.
This list has not changed substantially from last week, but we’re at 29 announcements between Texas and Nevada for this year already. On this update, we only have a few more now since the last list about two weeks ago. It’s two more that I didn’t have on my list: Granite Ridge and DeFi Development Corp. This is the updated sheet for folks that want to see the full set.
| 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 |
Reincorporation Update – June 1, 2026
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 |
Call for Papers: Law & Finance Workshop 2026-27 | July 3, 2026 Submission Deadline
Submissions are now open for the 2026-27 series of the online Law & Finance Workshop. Submissions are due by the end of the day on Friday, July 3, 2026.
The Law & Finance Workshop was launched in Spring 2025 to create a space for more frequent discussion of scholarly works-in-progress in the field of law and finance, and to foster community among scholars working in this area. The workshop meets online once per month during the fall and spring semesters and is open to all interested scholars. Each workshop features a paper presentation followed by comments from a discussant and Q&A with participants.
We welcome submissions from scholars across all relevant disciplines that examine the role of law and regulation in finance broadly defined, including household finance, corporate finance, and public finance. Interested scholars should submit their abstracts using this form no later than EOD onFriday, July 3, 2026. Selected authors must be ready to make complete drafts of their papers available for distribution one week prior to the scheduled date of the workshop.
We look forward to seeing you in the fall.
Nikita Aggarwal, Caroline Bradley, & George Georgiev (organizing committee)
University of Georgia | Terry College of Business | Hiring Announcement
The Insurance, Legal Studies and Real Estate Department in the Terry College of Business at The University of Georgia invites applications for a tenure-track Assistant Professor position. The position will begin fall semester of 2027, with an anticipated employment start date of August 1, 2027.
More information about the the opportunity can be found here.
Comparing Jurisdictions – Some Notes
Institutional investors today have to think more about differences between jurisdictions to decide whether to vote in favor of proposals to move from one jurisdiction to another. The Council of Institutional Investors has been working to get up to speed on these issues and recently posted a chart and featured it on the Harvard Law School Forum on Corporate Governance. I gave some comments on an early version of the chart and know that they’re working in good faith to help investors understand the differences. I’m also a big fan of their podcast, the Voice of Corporate Governance which often has thoughtful takes and engagement.
The chart notes that although they “exercised due care in preparing this report, it does not guarantee the accuracy of the information.” It also asks readers to report errors or suggest additional features for comparison by emailing them. These charts will always be works in progress, continually updated as jurisdictions change over time.
Now that I’ve seen the final version, I’ve got some notes on it. Some of this draws from notes I sent earlier in the process and some of it is what I think people need to know now after looking at…
Early May Reincorporation Update
Now that we’re in proxy season, here is an update about the current shifts with some updates as things have changed a bit from a few weeks ago. We have another six companies announcing moves or attempts to move as well as a few vote results. This is the current list.
| 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 |
Response to Michal Barzuza’s “Nevada v. Delaware”
Advisers, investors, and corporate leaders now consider the differences between different jurisdictions. To provide these audiences with a more complete picture of Nevada law, we prepared a Response to Professor Barzuza’s recently revised and recirculated work, “Nevada v. Delaware” (the “Draft”).
I am enormously grateful to Nevada Governor Joe Lombardo, Nevada Secretary of State Francisco V. Aguilar, Nevada Treasurer Zachary Conine, and Nevada Assemblyman Joe Dalia for also joining this Response alongside another twenty Nevada lawyers and faculty members at the William S. Boyd School of Law. The persons joining do not speak for their firms or employers or necessarily agree that every case cited or settlement reached came out the right way. I also note that I alone have prepared this blog post and it is not “joined” by the persons that joined the Response. But we all agree that Professor Barzuza’s Draft does not accurately present Nevada corporate law. We rise in defense of Nevada because the piece has been broadly circulated over a period of years and promoted on the Harvard Law School Corporate Governance Forum, the Columbia Blue Sky Blog, and on social media. We hope that this Response will also see substantial circulation…
Business Scholarship Podcast | Call for Guests
Each summer, the Business Scholarship Podcast features scholars entering the upcoming law-teaching market. Episodes are recorded from May through July, with the goal of publication before the FAR distribution (this year, August 13). We welcome guests entering the market who work in business law, broadly defined, including corporate and securities, tax, antitrust, bankruptcy, commercial law, contracts, and related areas. Anyone interested in being featured is invited to contact Andrew Jennings at andrew.jennings@emory.edu.
Separately, I remain deeply grateful to senior colleagues who gave comments on early work and helped me develop. If there is new work that’s relevant to this blog’s readers, please feel free to send it to me or our other fantastic editors.