SMU Cox · Corporate Governance Initiative

The Reincorporation Tracker

The Reincorporation Tracker: where public companies are moving their legal homes. Since Tornetta v. Musk (Del. Ch. 2024; reversed in part, Del. Dec. 2025) and the 2025 Texas corporate-law reforms (SB 29 and SB 1057), a growing set of public companies has asked shareholders — or controlling holders — to approve moves out of Delaware and into Texas, Nevada, and selected comparator jurisdictions. This tracker follows each transaction from first SEC disclosure through vote outcome and legal effectiveness — with source-linked filings on every row. Built by the SMU Corporate Governance Initiative.

Scope: the core sample is Delaware-outbound moves to Texas or Nevada. The tracker also labels selected non-Delaware outbound moves to Texas or Nevada (e.g., NY→TX, MT→TX, MI→NV) and comparator rows separately. Completed means a legal effective date is identified from a primary filing or charter document; holder-approved means shareholders or written-consent holders approved the proposal; rejected means holders did not approve.

Aggregate market value Firms tracked Coverage June 2024 – present
Firms tracked
Post-Tornetta reincorporation cohort · click for full registry
Shareholder-approved
Of voted proposals · click to filter
Vote within 30 days
Upcoming meetings · click to filter
Rejected
Destinations
TX-incumbent universe
TX-incorporated prior to June 2024 · click for §21.552 adopter cohort →

Scope note. "Firms tracked" counts the full -firm DE→TX/NV migrator panel — the canonical research cohort. The underlying data.json contains firm records ( migrators + TX-incumbent reference stubs + LUV §21.552-adopter comparator used as the within-state control panel for the §21.552 adopter analysis). The TX-incumbent universe KPI counts the reference panel only. Sub-cohort splits (public-cohort , multi-spec-ready , outcome-day-ready , etc.) are documented on the cohort event-study page.

Loading dataset…
Headline market reaction — the two flagship event studies
ExxonMobil redomestication announcement (March 10, 2026): Bayesian posterior mean Day-0 abnormal return = (95% credibility range to ); a −2% governance discount has probability of being true. Open XOM page →
Southwest Airlines §21.552 election (May 19, 2025): Day-0 AR = (Patell-z p = ); 12-month BHAR statistically indistinguishable from zero. Open LUV case study →
Both single-firm specifications fail to detect a governance discount at conventional thresholds — this is failure-to-reject, not affirmative evidence of zero effect. Minimum-detectable-effect ~±3.9% on LUV; the load-bearing equivalence claim is on the cohort page (TOST, n=47). Cohort-wide event study →
New · per-firm publication subsites
ExxonMobil-grade 8-page deep dives for the Wave 1 Texas cohort.

Each firm subsite carries the canonical 8-page treatment — coalition arithmetic, event-study evidence, statutory analysis, methodology, robustness extensions, adversarial stress tests, and an open replication kit. Same visual system, same audit rigor as the ExxonMobil publication. Event-study numerics carry [DATA PENDING] placeholders pending per-firm runs. See BUILD_MANUAL.md §§21-31 for the build spec.

CANONICAL · 9 PAGES · NJ→TX
ExxonMobil Corp.
$620B · May 27, 2026 vote · cited in DEFA14A
WAVE 1 · DE→TX
Tesla, Inc.
$1.50T · effective Jul 2, 2024
WAVE 1 · DE→TX
Dillard's, Inc.
$9.5B · effective Aug 31, 2025
WAVE 1 · TX-INCUMBENT
Southwest Airlines
$18.0B · §21.552 adopter · not a redomicile
WAVE 1 · DE→TX
Coinbase Global
$54B · effective Dec 15, 2025
WAVE 1 · DE→TX
FirstCash Holdings
$9.1B · June 9, 2026 vote
Wave 2 · mid-cap DE→TX
DE→TX · AEROSPACE
Archer Aviation
$4.55B · June 26, 2026 vote
DE→TX · TRUCKING
ArcBest
$2.65B · April 24, 2026 vote
DE→TX · AEROSPACE
Voyager Technologies
$1.85B · May 29, 2026 vote
DE→TX · HOMEBUILDING
Dream Finders Homes
$1.36B · June 8, 2026 vote
DE→TX · REAL ESTATE
eXp World Holdings
$1.06B · founder-led (Sanford)
Wave 3 · smaller-cap
DE→TX · CUSTOMER-EXPERIENCE BPO
TTEC Holdings
$165M · founder-controller (Tuchman 57.3%)
NY→TX · ELECTRONICS
Forward Industries
$379M · non-DE source state
Wave 4 · specials (non-DE source, rejected, withdrawn, completed tail)
IRELAND→TX · OILFIELD SVCS
Weatherford International
$5B · first foreign-source firm
DE→TX · REGIONAL BANK · REJECTED
Texas Capital Bancshares
$4.62B · April 21, 2026 vote failed
DE→TX · LATAM E-COMM · WITHDRAWN
MercadoLibre
Proxy withdrawn before vote
DE→TX · CRYPTO WALLET · COMPLETED
Exodus Movement
$1.4B · Effective late 2025
MT→TX · ANTIMONY MINING · COMPLETED
United States Antimony
$485M · Critical-mineral exposure
DE→TX · E&P · COMPLETED
Zion Oil & Gas
$185M · Israel-focused exploration
DE→TX · AVIATION AFTERMARKET
AerSale
$328M · founder-led
CO→TX · GAS COMPRESSION
Natural Gas Services Group
$320M · Midland TX HQ · non-DE source
DE→TX · EQUIP RENTAL · PRE-IPO
EquipmentShare.com
Private · no SEC proxy trail
firms in Texas universe · all 8-page subsites built · per-firm event-study runs + logos + OG cards pending. Nevada subgroup (~28 firms) and other-destination cohort (~16 firms) next. Master ledger: PUBLICATION_ROSTER.md · generator: tools/build_firm_subsite.py

Move timeline — monthly volume by destination

Effective dates of COMPLETED moves only; stacked by destination state. Right-panel totals include all tracked firms.
Texas Nevada Other (MD, Cayman)

Vote outcomes

Where shareholder votes have landed

By destination

Where they landed

Complete firm registry

Sorted with the most-imminent upcoming meeting first · then chronologically through future meetings · then past meetings most-recent first · IR = investor relations · EDGAR = SEC filings · ⏰ UPCOMING = vote within 30 days
↗ Click any company name to open its full detail page — vote breakdown (For / Against / Abstain), event-study CARs across multiple specifications, source filings, proxy-advisor recommendations, press coverage, and audit trail. Try Texas Capital (TCBI) — the cohort's only rejected proposal — for a complete case study.
Announcement Date Meeting / Vote Date Vote Result Company Move Market Cap Industry Status Detail Links
Loading cohort from data.json…
Data source. Generated from the canonical reincorporation database (current: ) via the data-export pipeline. Cohort = firms with dashboard_cohort_flag=1 in 01_Master_DB. Bucket classifications, panel eligibility, audit status, effective dates, and primary-source links all flow from the database.

Methodology

How we classify each row, the bucket taxonomy (B / C / D / Y), the source-confidence tiers, and the public-Tracker-vs-research-Panels distinction.

Open full methodology  ↗

References & Further Reading

62 primary-source references across 6 categories: foundational asset-pricing methods (Sharpe / FFJR / Brown-Warner / Patell / Fama-French / Carhart / Abadie), Delaware corporate-law scholarship (Daines / Subramanian / Bebchuk), Texas reform (SB 29, SB 1057, TBOC, practitioner memos), court opinions (Tornetta, Match Group, Maffei v. Palkon), federal securities law, and open data sources.

Open all 62 references  ↗

How to Cite

Bluebook: Shane Goodwin, The Reincorporation Tracker (v6-rev66), SMU Corp. Governance Initiative (2026-05-19), https://reincorporation-tracker.netlify.app (last visited [date of access]).
APA: Goodwin, S. (2026). The Reincorporation Tracker (v6-rev66) [Dataset]. SMU Corporate Governance Initiative. https://reincorporation-tracker.netlify.app
Dataset (Bluebook): Shane Goodwin, DExit Central Database (v6-rev66), SMU Corp. Governance Initiative (2026-05-19), https://reincorporation-tracker.netlify.app/data.json (last visited [date of access]).
BibTeX: @misc{goodwin2026reincorptracker, author = {Shane Goodwin}, title = {The Reincorporation Tracker}, year = {2026}, version = {v6-rev66}, publisher = {SMU Corporate Governance Initiative}, howpublished = {\url{https://reincorporation-tracker.netlify.app}}, note = {Accessed [date of access]} }

For the underlying database (Excel), the change log, or a CSL-JSON / Zotero export, contact sgoodwin@smu.edu.

Data source. This page reads the canonical reincorporation database (current: v6-rev66) via the data-export pipeline. Cohort = firms with dashboard_cohort_flag=1 in 01_Master_DB. Bucket classifications, panel eligibility, audit status, effective dates, and primary-source links all flow from the database. See methodology.