We now have another five since the last update. One smaller company came to Nevada from Australia–Nova Minerals. Then four different Texas firms coordinated their defections from Delaware. All announced at the same time: Energy Transfer LP, Sunoco LP, SunocoCorp LLC, and USA Compression Partners. Collectively, these firms moved $89 billion in equity from Delaware to Texas. Notably, none of these four firms are organized as corporations.

Company NamePrincipal Executive OfficeOrigination StateDestination State
1. TruGolfUtahDelawareNevada
2. Forian, Inc.PennsylvaniaDelawareMaryland
3. LQR HouseFloridaNevadaDelaware
4. CBAK EnergyChinaNevadaCayman Islands
5. Cheetah NetChinaNorth CarolinaDelaware
6. GalectoMassachusettsDelawareCayman Islands
7. Resolute Holdings Management, Inc.New YorkDelawareNevada
8. Forward Industries, INCTexasNew YorkTexas
9. EQV Ventures AcquisitionUtahCayman IslandsDelaware
10. Datadog, Inc.New YorkDelawareNevada
11. Haymaker Acquisition Corp 4OklahomaCayman IslandsDelaware
12. CDT EquityFloridaDelawareCayman Islands
13. eXp World HoldingsTexasDelawareTexas
14. ArcBest CorpArkansasDelawareTexas
15. Texas Capital BancsharesTexasDelawareTexas
16. ExxonMobil Corp.TexasNew JerseyTexas
17. NL IndustriesTexasNew JerseyDelaware
18. ClearOne IncUtahDelawareNevada
19. Liberty Media CorporationColoradoDelawareNevada
20. The LGL Group, Inc.FloridaDelawareNevada
21. TTEC Holdings, Inc.TexasDelawareTexas
22. Weatherford International plcTexasIrelandTexas
23. Dream Finder HomesFloridaDelawareTexas
24. Voyager TechnologiesColoradoDelawareTexas
25. GPGI, Inc.New JerseyDelawareNevada
26. FirstCash Holdings, Inc.TexasDelawareTexas
27. AerSale CorpFloridaDelawareTexas
28. Natural Gas Services Group, INCTexasColoradoTexas
29. Archer Aviation Inc.CaliforniaDelawareTexas
30. Sonoma Pharmaceuticals, incColoradoDelawareNevada
31. Samsara IncCaliforniaDelawareNevada
32. Dell TechnologiesTexasDelawareTexas
33. Spruce Power Holding CorpTexasDelawareTexas
34. King ResourcesChinaDelawareNevada
35. Thunder Power HoldingsDelaware/ChinaDelawareNevada
36. NexGel, Inc.PennsylvaniaDelawareNevada
37. DeFi Development Corp.FloridaDelawareNevada
38. Granite Ridge ResourcesTexasDelawareTexas
39. Nova MineralsColoradoAustraliaNevada
40. Energy Transfer LPTexasDelawareTexas
41. Sunoco LPTexasDelawareTexas
42. SunocoCorp LLCTexasDelawareTexas
43. USA Compression PartnersTexasDelawareTexas

As usual, here is a link to my underlying data for anyone that wants it. I’ve updated this chart as well. The stock tickers are in the data and I’m showing declared principal executive offices instead. As usual now, I’ve had Claude generate some infographics to help make this easier to digest.

Principal Executive Offices

Destination States

DExits vs. DEntries

Texas Ties

With the principal executive office field added, it’s easy to see a very strong relationship between a Texas principal executive office and a decision to shift to Texas. In contrast, Nevada seems to draw from a wider array of principal executive offices.

Failed Vote

We also have another failed vote. Archer Aviation was looking to shift from Delaware to Texas and “did not receive the requisite stockholder approval.” The company may have a very high retail base. It collected 234,119,344 votes in favor while only 44,503,590 votes were cast against, giving it about 81% of the votes cast. But there were also 201,849,581 broker-non-votes. This left it unable to secure a majority of the outstanding shares.

The company also filed additional proxy soliciting materials before the final vote. It included this:

Archer is also interesting because it lists a California principal executive office, but its proxy touted a strong tie to Texas, noting a “plan to have significant operations over the long-term.” The company does seem to have been heavily involved in Texas. Its proxy discloses that “the Company’s Chief Strategy & Legal Officer, Eric Lentell, testified before both the Texas Senate and House Judiciary & Civil Jurisprudence Committees at hearings to discuss certain proposed amendments to Texas law and discussed with Texas senators and representatives the state’s efforts to establish itself as a leading state for legal domestication and corporate decision making.”

I looked through Archer’s past filings and saw that it had another failed vote in the past when it attempted to add officer exculpation provisions. Under Texas or Nevada law, they would have this as a default. Archer isn’t the only company that has failed to secure this.

A Random Note

Thunder Power presents oddly as a double DExit. It has been given Delaware/China as its principal executive office because around the time it announced a reincorporation to Nevada, it listed what appears to be an apartment in Wilmington as its principal executive office. It more recently identified a place in Hong Kong. I have no idea whether Thunder Power got its security deposit back when it left Delaware.

Photo of Benjamin P. Edwards Benjamin P. Edwards

Benjamin Edwards joined the faculty of the William S. Boyd School of Law in 2017. He researches and writes about business and securities law, corporate governance, arbitration, and consumer protection.

Prior to teaching, Professor Edwards practiced as a securities litigator in the New…

Benjamin Edwards joined the faculty of the William S. Boyd School of Law in 2017. He researches and writes about business and securities law, corporate governance, arbitration, and consumer protection.

Prior to teaching, Professor Edwards practiced as a securities litigator in the New York office of Skadden, Arps, Slate, Meagher & Flom LLP. At Skadden, he represented clients in complex civil litigation, including securities class actions arising out of the Madoff Ponzi scheme and litigation arising out of the 2008 financial crisis. Read More

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