Two years ago, Leave Delaware started with a simple idea: American companies should not treat one state’s legal system as an unquestioned default. Since then, the conversation has changed dramatically. Major public companies have left Delaware. Texas and Nevada have become serious competitors for corporate domiciles. Delaware has rewritten significant parts of its corporate law. Founders, boards, investors, lawyers and policymakers are now openly debating questions that were barely asked a few years ago. Corporate law determines who controls companies, how boards make decisions, how founders are treated, how shareholders can sue, how much litigation costs, and how confidently businesses can invest for the long term. Those rules shape where capital goes, where companies grow and, ultimately, how competitive the United States remains. Competition between states is healthy. No jurisdiction should be entitled to permanent dominance simply because “that’s how it has always been done.” We’re grateful to everyone who has followed, shared, argued with, challenged and contributed to this effort. The next phase can be much bigger, and we want more people involved. We’re looking for exceptional people who can help with social media, original content, data, legal research, white papers and deeper analysis. We’re also looking for people willing to fund the work. Serious research, distribution and advocacy require resources. If you believe corporate-law competition matters, we want to hear from you. And the easiest way to help costs nothing: follow @leavedelaware and share our work. Every founder, investor, lawyer and policymaker who sees this debate makes the market for corporate law more competitive. If you have talent, capital or reach and want to help build the next phase of Leave Delaware, DM us. We’re still early.

JUST IN: NATURAL GROCERS’ CONTROLLING SHAREHOLDERS APPROVE A MOVE FROM DELAWARE TO TEXAS. The NYSE-listed company’s board unanimously backed the reincorporation, and the Isely family group — which controls 57.3% of the voting power — approved it by written consent. One important detail: this was not a broad shareholder vote. The controlling holders had enough votes to approve the move themselves. Natural Grocers can complete the conversion after the required Schedule 14C notice period.

JUST IN: DILLARD’S IS LEAVING THE NYSE FOR THE TEXAS STOCK EXCHANGE. Dillard’s announced this morning that its primary listings for $DDS and $DDT will move from the NYSE to TXSE on October 5. The company already reincorporated from Delaware to Texas in August 2025. Now it is moving its primary exchange listing to Texas as well. Texas is also Dillard’s largest market, with 54 stores. That makes Dillard’s one of the clearest examples yet of a company shifting multiple pieces of its corporate infrastructure away from the traditional Delaware/New York system. Source: littlerockjournal.com/articl…⁠

🚨 NEW: Delaware has raised the annual tax on LLCs and LPs by 33% … from $300 to $400 … while sharply increasing a long list of corporate filing fees. (Delaware General Assembly) The higher annual tax applies to the 2026 tax year and will first show up in 2027 payments. Validation preclearance jumps from $250 to $1,500, service of process doubles to $100, and the foreign-corporation annual report fee doubles to $250. (Delaware General Assembly) For founders and boards comparing jurisdictions, Delaware is getting more expensive at the same moment Texas and Nevada are competing hardest for their business. legis.delaware.gov/BillDetai…

🚨 DELAWARE CORPORATIONS CAN LITERALLY VOTE IN LOCAL ELECTIONS. NPR just put a national spotlight on Fenwick Island, where LLCs and trusts can cast ballots in municipal elections. In 2024, nearly a quarter of the votes there were cast by artificial entities. (NPR Illinois) A Delaware judge upheld the practice this year. The legislature has since passed the first leg of a constitutional amendment that would prohibit corporations and other artificial entities from voting anywhere in the state — but it must pass again in the next General Assembly before taking effect. (Delaware Public Media) Delaware built an enormous part of its economy around corporations. Now it is debating whether corporations should have an actual vote. NPR report

🚨 NEW: San Francisco Democrats are preparing to OPPOSE California’s proposed 5% billionaire wealth tax, putting the party in one of America’s most progressive cities at odds with the California Democratic Party. Prop 40 would impose a one-time 5% tax on Californians with more than $1 billion in covered assets. The state Democratic Party narrowly endorsed it earlier this month, but San Francisco party leaders are now preparing to consider an opposition resolution, arguing that a national wealth tax is preferable to a state-level levy that could damage California’s tech-driven economy. If a billionaire wealth tax is losing support inside the San Francisco Democratic Party itself, the debate over capital flight, founders and California’s competitiveness has entered a very different phase.

🚨MORE SHENANIGANS IN DELAWARE Dropbox left Delaware for Nevada. Now a shareholder lawsuit in Delaware is asking the Delaware Court of Chancery to undo the move and force Dropbox back. The complaint alleges Dropbox moved to Nevada to reduce litigation risk and protect its founder and directors from potential Delaware claims. Read that again: A company leaves Delaware because of litigation risk—and gets sued in Delaware for leaving. The plaintiff is asking the court to: • Rescind the Nevada reincorporation • Restore Dropbox’s Delaware domicile • Or award damages for the company’s decision to leave This is the clearest illustration yet of Delaware’s problem. Companies are supposed to voluntarily choose the best legal jurisdiction. They should not face years of litigation because they chose an alternative. Every founder, board member, investor and general counsel considering Delaware should watch this case. dandodiary.com/2026/08/artic…

🚨JUST IN: Granite Ridge Resources Inc (NYSE: GRNT) officially leaves Delaware. Another day. Another NYSE-listed company formally leaves Delaware for Texas. Granite Ridge Resources’ new SEC filing states that on August 5, the company changed its state of incorporation from Delaware to Texas following shareholder approval. • Delaware corporate law no longer governs the company • The Texas Business Organizations Code now governs it • Its Delaware charter and bylaws were replaced with Texas governing documents • Its shares continue trading on the NYSE under the same ticker One completed conversion at a time, the automatic Delaware default is disappearing. Official SEC filing: sec.gov/Archives/edgar/data/…

🚨 NEW: A Delaware judge has ordered Verisk to keep pursuing the $2.35 BILLION AccuLynx acquisition it tried to terminate seven months ago. Verisk walked away in December after the deal stalled in FTC review. The Court of Chancery ruled Friday that the termination was invalid because Verisk’s own “willful conduct” was the primary cause of the failed closing condition. The court ordered Verisk to use commercially reasonable efforts to obtain FTC clearance and close the acquisition if regulators approve it. AccuLynx was also awarded $3.85 million in direct costs plus interest. A $2.35 billion deal Verisk publicly declared dead is now back on because of a Delaware Chancery ruling. Primary ruling: courts.delaware.gov/opinions…

Delaware’s new corporate fee hikes take effect today. • Foreign-company annual reports: $125 → $250 • Record searches: up to $100 → $200 • 24-hour expedited service: up to $150 → $300 • 1-hour service: up to $1,000 → $2,500 • 30-minute service: up to $7,500 → $10,000 • Document preclearance: $250 → $350 Companies are already comparing Delaware with Texas and Nevada. Delaware just made that comparison more expensive. Official law: legis.delaware.gov/SessionLa…

🚨FirstCash (NASDAQ: $FCFS) stockholders approve the company's decision to leave Delaware for Texas

The DExit debate should be decided on facts—not misinformation designed to protect Delaware’s monopoly. This important piece exposes how false quotations, mischaracterized court decisions, and simplistic “race to the bottom” narratives are distorting the debate over Texas and Nevada. Excellent work by @benpedwards. Article below. 👇

🚨Dream Finders Homes (NYSE: $DFH) officially leaves Delaware for Texas

🚨AerSale shareholders have approved the company's proposal to leave Delaware for Texas NASDAQ: $ASLE

Dell officially Leaves Delaware. Boom