Natural Gas Services Group, Inc. (NGS) — Reincorporation detail

Why this firm matters

Vote scheduled for 2026-06-10; results pending.

Controller & ownership

Diffuse / non-controlledDiffuse Institutional

Vanguard Group (diffuse institutional) holds approximately 5.1% of voting power. No single holder reaches the controlled-company threshold (>50% of voting power).

Source: NGS DEF 14A 2026-04-28 + Schedule 13G — Vanguard 640,540 shares (5.09%) of 12,568,917 outstanding (as of Nov 7, 2025); Hoak Public Equities exited 5%+ tier Jan 26, 2026 (now 4.57%); AWM Investment 214,776 shares (~1.7%)

Vote outcome — reincorporation proposal

Approval standard: majority of outstanding shares entitled to vote (Colorado BCA §7-110-103 conversion to Texas) — provisional pending DEF 14A pincite. Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Visual evidence — event study around the announcement

Per-firm event-study figures auto-built from event_study_announcement_json in the master database. Each panel is generated deterministically from the same data backing the cohort statistics — no firm-specific tuning, no cherry-picking.

Natural Gas Services Group's stock fell the day the move was announced

**Bottom line.** Natural Gas Services Group fell by 3.5% on announcement day. Across four different benchmarks for what "normal" should have looked like, the move was statistically indistinguishable from a normal trading day (p = 0.13).

This chart shows four different statistical lenses on what Natural Gas Services Group's stock did on the day the reincorporation was announced. Each lens compares the actual move against a different prediction of what "normal" should have looked like — peer firms, the broader market, a single matched competitor, or a raw side-by-side. The gold-edged bar marks the lens used in the cohort summary.

Method

Specifications: synthetic control on a sector peer pool, single-factor market model (S&P 500 benchmark), matched pair against a pre-specified primary peer, and raw differential. Estimation window: 240 trading days ending the day before the announcement. Standard errors via Patell-z (1976).

Natural Gas Services Group is one of the cohort's larger negative reactions

**Bottom line.** Natural Gas Services Group's reading sits in the negative tail of the cohort distribution. Worth pairing with the firm-specific story before drawing inferences about Texas/Nevada destination per se.

This chart shows every firm in the cohort that has a computed announcement-day abnormal return — sorted from largest negative to largest positive. Natural Gas Services Group is highlighted in gold. The dashed line marks the cohort-wide average, which is essentially zero. Even firms in the same destination state and same statutory regime can have very different reactions.

Method

Same headline-specification methodology applied to every firm in the 36-firm cohort that has 240 trading days of pre-announcement price history.

Data integrity. All figures generated by the same script (perfirm_gallery.py) on every release; SHA-256 verified at deploy time. See also: Cohort-wide event study →.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-04-08 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-3.50%	Patell-z p-value = 0.133

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Vote window CARs not yet computed (vote on 2026-06-10).

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.133, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Status: N/A pending reincorporation.

The Texas opt-in statutory regimes (TBOC §21.552 / SB 29 derivative threshold; TBOC §21.373 / SB 1057 shareholder-proposal threshold) are available only to firms that are nationally listed Texas corporations. Natural Gas Services Group, Inc. is not yet Texas-incorporated; the move is pending shareholder vote with a proposed effective date of 2026-06-10. These adoptions can be elected only on or after the firm's TX effective date.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

IR — https://investor.ngsgi.com/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001084991&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001084991&type=DEF+14A&dateb=&owner=include&count=40
EDGAR accession (canonical) — 0001084991-26-000027

Classification & audit trail

Bucket

D

Panel eligibility

PANEL_A_post_SB29

Audit status

PENDING_TRANSACTION

Source confidence

VERIFIED_PROXY

Transaction status

PENDING

Audit notes

Phase 3M 2026-04-27: status=SCHEDULED — moved 2026-06-10 from actual to proposed_effective_date_iso. Will promote to actual after vote passes.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investor.ngsgi.com/ [2026-04-28] phase5e: cleaned edgar_accession_canonical: extracted '0001084991-26-000027' from raw value '0001084991-26-000027 (PRE 14A, April 17, 2026)' (source=dashed) [2026-04-29] phase5u: row independently validated by external Reviewer (full-residual pass, 78/276 substantive answers); validations applied: V_DATE_ANN=CONFIRM; V_DATE_MEET=CONFIRM; V_DATE_EFF=NOT_YET_EFFECTIVE; V_FROM_TO=CONFIRM; V_BUCKET=CONFIRM; V_COHORT=CONFIRM_INCLUSION; primary-source URLs all under https://www.sec.gov/Archives/ [2026-04-29] phase5v: row independently re-validated by external Reviewer (Round 4 full-residual pass, 85/276 substantive); all bucket and pending-status conclusions match v3.57 [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v6 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: VERIFIED MECHANISM — Colorado→Texas conversion under CBCA. Annual meeting June 10, 2026; 12,598,365 shares outstanding as of April 16, 2026 record date. Bundled with staggered-board → annual elections proposal. Exact threshold-quote pincite pending PRE 14A / DEF 14A review.