Reincorporation Update – Mid October 2026

Companies have continued to shift between jurisdictions in 2026. The September update identified 59 jurisdictional moves. That number has risen to 71. An updated copy of the running spreadsheet is available here.

As usual, I’ve had Claude generate infographics to help make the data easier to understand. I’ve also placed the list of reincorporating companies at the bottom and behind a jump because it’s long at 71 companies.

Overall Movement Flows

In terms of movement flow, most of the activity continues to be out of Delaware, but that should be expected because Delaware has the most public companies. Delaware also runs third here, with 15 attempts to shift to Delaware.

Headquarters and Reincorporations

Texas continues to draw companies with strong existing operational ties to Texas. Delaware and Nevada, in contrast, don’t have the same base.

Movement Over Time

Although I had expected movement to mostly cluster around proxy season, we’re continuing to see a good number of moves now. September was surprisingly busy with 9 identified moves and another two so far in October.

Vote Results – Without Abstentions

On the voting front, Delaware’s familiarity for investors may be helping make it easier to secure votes. The chart shows votes by the percentage in favor on votes cast–this is not always the standard to move. It takes a majority of the outstanding voting power to shift out of Delaware which explains why Archer Aviation’s vote failed despite winning 84% of the votes cast.

Vote Results – With Absentions and Broker-Non Votes

When abstentions and broker non-votes are included, the vote results look different. Companies may struggle to move if they have a high retail base that does not tend to vote.

Movement by Market Cap

When it comes to market cap, Texas picking up Exxon and Dell gives the state a likely insurrmountable lead.

Overall Totals

In terms of raw numbers, it remains close between Texas and Nevada for picking up the most companies this year.

Net Movement Delaware

In the reincorporation space, Delaware has a net loss so far this year of 28 public companies. Of course, Delaware continues to do well in the IPO space, picking up 73 companies. When you look at both reincorporations and IPOs, Delaware continues to grow its stable of franchise-tax paying public companies.

The running list is after the jump. As always, special thanks to Boyd Law students Hunter Hawkins, Enya Dinca, and Rocco Marino for their help maintaining and updating the spreadsheet.

Company Name	Principal Executive Office	Origination State	Destination State
1. Haymaker Acquisition Corp 4	Oklahoma	Cayman Islands	Delaware
2. Forian, Inc.	Pennsylvania	Delaware	Maryland
3. Cheetah Net	China	North Carolina	Delaware
4. Galecto	Massachusetts	Delaware	Cayman Islands
5. Curaleaf Holdings, Inc.	Connecticut	British Columbia	Delaware
6. TruGolf	Utah	Delaware	Nevada
7. LQR House	Florida	Nevada	Delaware
8. CBAK Energy	China	Nevada	Cayman Islands
9. Resolute Holdings Management, Inc.	New York	Delaware	Nevada
10. Forward Industries, INC	Texas	New York	Texas
11. EQV Ventures Acquisition	Utah	Cayman Islands	Delaware
12. Datadog, Inc.	New York	Delaware	Nevada
13. Keel Infrastructure Corp.	New York	Ontario	Delaware
14. Datasea, Inc.	China	Nevada	British Virgin Islands
15. CDT Equity	Florida	Delaware	Cayman Islands
16. eXp World Holdings	Texas	Delaware	Texas
17. ArcBest Corp	Arkansas	Delaware	Texas
18. Texas Capital Bancshares	Texas	Delaware	Texas
19. ExxonMobil Corp.	Texas	New Jersey	Texas
20. NL Industries	Texas	New Jersey	Delaware
21. ClearOne Inc	Utah	Delaware	Nevada
22. Liberty Media Corporation	Colorado	Delaware	Nevada
23. The LGL Group, Inc.	Florida	Delaware	Nevada
24. TTEC Holdings, Inc.	Texas	Delaware	Texas
25. Weatherford International plc	Texas	Ireland	Texas
26. Dream Finders Homes	Florida	Delaware	Texas
27. Voyager Technologies	Colorado	Delaware	Texas
28. GPGI, Inc.	New Jersey	Delaware	Nevada
29. FirstCash Holdings, Inc.	Texas	Delaware	Texas
30. AerSale Corp	Florida	Delaware	Texas
31. Natural Gas Services Group, INC	Texas	Colorado	Texas
32. Archer Aviation Inc.	California	Delaware	Texas
33. Sonoma Pharmaceuticals, inc	Colorado	Delaware	Nevada
34. Samsara Inc	California	Delaware	Nevada
35. Wave Life Science LTD	Singapore	Singapore	Delaware
36. Dell Technologies	Texas	Delaware	Texas
37. Spruce Power Holding Corp	Texas	Delaware	Texas
38. Jushi Holdings Inc.	Florida	British Columbia	Nevada
39. Aptorum Group Ltd	UK	Cayman Islands	Delaware
40. King Resources	China	Delaware	Nevada
41. Thunder Power Holdings	Delaware/China	Delaware	Nevada
42. NexGel, Inc.	Pennsylvania	Delaware	Nevada
43. DeFi Development Corp.	Florida	Delaware	Nevada
44. Granite Ridge Resources	Texas	Delaware	Texas
45. Weatherford International plc	Texas	Ireland	Delaware
46. Nova Minerals	Colorado	Australia	Nevada
47. Trulieve Cannabis Corp.	Florida	British Columbia	Delaware
48. Nu-Med Plus, Inc.	New York	Utah	Nevada
49. Energy Transfer LP	Texas	Delaware	Texas
50. Sunoco LP	Texas	Delaware	Texas
51. SunocoCorp LLC	Texas	Delaware	Texas
52. USA Compression Partners	Texas	Delaware	Texas
53. Etoiles Capital Group Co. LTD	Hong Kong	Cayman Islands	Nevada
54. Sui Group Holdings	Minnesota	Minnesota	Delaware
55. TopPoint Holdings	Pennsylvania	Nevada	Delaware
56. DoorDash	California	Delaware	Nevada
57. Outdoor Holding Company	Texas	Delaware	Texas
58. NextCure	Maryland	Delaware	Texas
59. LandBridge Co LLC (LB)	Texas	Delaware	Texas
60. Catheter Precision	South Carolina	Delaware	Nevada
61. Cemtrex Inc.	New York	Delaware	Nevada
62. Arrive AI Inc.	Indiana	Delaware	Nevada
63. BCB Bancorp Inc.	New Jersey	New Jersey	Delaware
64. Natural Grocers by Vitamin Cottage, Inc.	Colorado	Delaware	Texas
65. Cintas Corp	Ohio	Washington	Delaware
66. Texas Pacific Land Corporation	Texas	Delaware	Texas
67. Onfolio Holdings, Inc.		Delaware	Nevada
68. Solidion Technology	Texas	Delaware	Texas
69. InMed Pharmaceuticals	Canada	British Columbia	Nevada
70. Korsana Biosciences, Inc	Massachusetts	Massachusetts	Cayman Islands
71. Melar Acquisition Corp.	New York	Cayman Islands	Nevada