🚨 NEW: $25 BILLION TEXAS PACIFIC LAND URGES SHAREHOLDERS TO APPROVE ITS DELAWARE EXIT. Texas Pacific Land ($TPL) sent shareholders a new letter on October 23, urging them to approve reincorporation in Texas at the November 5 meeting. The company owns approximately 894,000 acres in Texas and projects at least $200,000 in annual savings. Its board also cites Texas’s business courts and more predictable corporate laws. Stage: PROPOSED | Destination: Texas. texaspacific.com/investors/s…

🚨 ARCBEST HAS LEFT DELAWARE FOR TEXAS … BUT EXPLICITLY REJECTED TEXAS’S 3% SHAREHOLDER-LAWSUIT THRESHOLD. ArcBest’s board criticized Delaware’s increasingly litigious environment and argued that Texas offers clearer statutory protections for directors and officers. But the company specifically opted out of a Texas provision allowing corporations to impose a 3% ownership threshold on certain derivative lawsuits. ArcBest also cited its substantial Texas operations, including 17 facilities and its Dallas distribution center.

🚨 SOFTBANK’S OPENAI- AND NVIDIA-BACKED AI INFRASTRUCTURE COMPANY LEFT DELAWARE FOR TEXAS BEFORE GOING PUBLIC. SB Energy’s SEC registration statement reveals that its predecessor, SE Global Holdings, completed its conversion from a Delaware corporation to a Texas corporation on August 28, 2026. Three days later, it adopted the SB Energy name. The company is pursuing a Nasdaq IPO under SBE, with SoftBank as its controlling shareholder and OpenAI and NVIDIA as strategic investors. Its prospectus discloses approximately $439 billion in contracted backlog and 8.8 gigawatts of contracted or under-construction data-center capacity. The Texas reincorporation is already complete. The IPO remains separate from that completed legal move.

🚨 SOLID-STATE BATTERY COMPANY SOLIDION WANTS TO LEAVE DELAWARE … AND SAYS THE MOVE COULD SAVE $200,000 ANNUALLY. Nasdaq-listed Solidion Technology is asking shareholders to approve reincorporation in Texas at its November 18 annual meeting. Its board identifies Delaware franchise-tax savings as a critical motivation. Solidion paid approximately $78,000 in Delaware franchise taxes for its most recent annual period but expects its next annual obligation could reach $200,000. The Dallas-headquartered company also cites Texas’s business environment and the advantages of aligning its corporate domicile with its headquarters. The proposal requires approval from holders of two-thirds of outstanding shares. Status: Proposed; shareholder vote scheduled for November 18, 2026.

🚨 NEW: AIRSHIP AI IS ASKING SHAREHOLDERS TO APPROVE LEAVING DELAWARE FOR NEVADA. The Nasdaq-listed AI company’s board unanimously approved the proposed reincorporation and is recommending shareholders vote for it at Airship’s December 17 annual meeting. The business, management, employees, assets and liabilities would remain the same. What changes is the corporate law governing the company. Airship’s proposed Nevada charter would also expand officer protections and generally require a two-thirds shareholder vote to remove directors. Another public AI company is considering its exit from Delaware.

Second this

🚨 NEW DATA: DELAWARE HAS LOST A NET 28 PUBLIC COMPANIES THROUGH REINCORPORATIONS IN 2026, ACCORDING TO NEW RESEARCH FROM A CORPORATE LAW PROFESSOR. University of Nevada, Las Vegas law professor Benjamin Edwards published updated findings Friday tracking 71 identified corporate-jurisdiction moves in 2026, up from 59 in his September update. Texas and Nevada are competing closely to attract companies changing their legal homes. September alone saw nine identified moves, with activity continuing well beyond the traditional shareholder voting season. The research identifies major companies including DoorDash, Dell Technologies, Datadog and Samsara among those pursuing departures from Delaware. The findings also provide important context: Delaware has attracted 15 attempted inbound reincorporations and remains strong in new public-company formations, gaining 73 companies through IPOs. The 71 tracked moves include proposed transactions, not exclusively completed conversions. But the direction of reincorporation activity is notable. Delaware is experiencing a net outflow of existing public companies even while it continues to attract new listings. Research published October 16: businesslawprofessors.com/20…

🚨 NEW: A LAW SCHOLAR WARNS DELAWARE’S PLAN TO LET AI AGENTS RUN COMPANIES COULD MAKE HUMAN ACCOUNTABILITY HARDER TO ENFORCE. In an October 14 essay published by Oxford’s Business Law Blog, University of Huddersfield law lecturer Igho Dabor argues that Delaware’s proposed Artificial Intelligence Company structure raises serious questions about corporate liability. The proposal would allow AI agents to manage companies, execute contracts and control business operations without traditional human executives. Delaware has proposed safeguards including capitalization requirements, activity records and regulatory supervision. Supporters argue the structure would bring autonomous AI systems within an enforceable legal framework. But Dabor connects the proposal directly to DExit and the competition between Delaware, Texas and Nevada. His concern is that corporate-law competition is increasingly reducing personal accountability for business decisions, and autonomous AI management could extend that trend. The legislation remains a proposal, not enacted law.

🚨 NEW: A THIRD NASDAQ-LISTED COMPANY HAS LEFT DELAWARE FOR NEVADA IN JUST THREE DAYS. Capstone Holding (CAPS) confirmed in an SEC filing released October 13 that it completed its reincorporation from Delaware to Nevada, effective October 9. That follows two other Nasdaq-listed companies, NextNRG (NXXT) and Cemtrex (CETX), which both completed Delaware-to-Nevada conversions on October 7. All three companies remain publicly traded. Their businesses did not need to relocate. Capstone’s shareholders approved the move in November 2025. Its existing shares converted one-for-one, its directors and executives remain in place, and Nevada law now governs its internal corporate affairs. Three completed departures in three days, all to Nevada. sec.gov/Archives/edgar/data/…

“Me and my boys are about to move to Delaware” “NO! Leave Delaware you bozo”

NEW DATA: SPACEX AND SEVEN OTHER COMPANIES HAVE RAISED $77.8 BILLION IN IPOS AS TEXAS ENTITIES. New research from SMU’s Corporate Governance Initiative identifies seven corporations and one LLC that have gone public under Texas law since 2025. SpaceX alone raised $75 billion. Six of the seven corporations moved to Texas while still privately held, meaning public shareholders never voted on their corporate domicile. Every one of the seven post-reform corporations selected the Texas Business Court as its exclusive forum for internal corporate disputes. And five additional Texas companies are in the IPO pipeline, including SoftBank-backed SB Energy, which converted from Delaware to Texas in August. The research documents another dimension of the competition over corporate law: companies choosing Texas before public investors ever buy their shares.

👎🏼

🚨 NEW: COINBASE CEO BRIAN ARMSTRONG HAILS TEXAS COURT VICTORY, SAYS IT SHOULD ENCOURAGE MORE COMPANIES TO INCORPORATE THERE. Armstrong praised an October 2 Texas Business Court ruling dismissing a shareholder lawsuit against Coinbase directors over alleged misconduct dating back to the company’s Delaware years. “Important legal precedent in Texas to encourage more companies to incorporate there,” Armstrong wrote Friday, October 9, thanking Governor Greg Abbott for creating a stable foundation for American businesses. The court ruled that Texas law governs shareholders’ authority to bring derivative lawsuits after reincorporation, even when the underlying allegations concern conduct from a company’s Delaware years. Texas requires a written demand on the board before filing such a lawsuit. Delaware allows certain shareholders to bypass that requirement by establishing demand futility. The dismissal was without prejudice, and the court did not rule on the underlying allegations. But Coinbase’s departure from Delaware has now produced a tangible legal consequence.

Positive trend.

Hell yes. Support our movement, @brian_armstrong

🇺🇸

🚨 NEW: RIPPLE-BACKED XRP COMPANY CLOSES DEAL TO GO PUBLIC … WITH NEVADA, NOT DELAWARE, AS ITS CORPORATE HOME. Evernorth Holdings announced Friday that it completed its business combination with Armada Acquisition Corp. II. The company enters public markets holding approximately 473 million XRP alongside roughly $300 million in gross cash proceeds. Its backers include Ripple, Michael Arrington’s Arrington Capital, Pantera Capital, Kraken and SBI Group. Evernorth’s Nasdaq trading debut is scheduled for Monday, October 12, under the ticker XRPN. The corporate structure is notable: Evernorth was established as a Nevada corporation, and its newly completed public-company combination retains that domicile. This is not a Delaware reincorporation or departure. It is a newly formed public company backed by prominent crypto and venture investors operating under Nevada corporate law.

🚨 NEW: TWO NASDAQ-LISTED COMPANIES LEFT DELAWARE FOR NEVADA ON THE SAME DAY. Cemtrex (CETX) confirmed in an SEC filing released October 9 that its reincorporation became effective October 7, the same day NextNRG (NXXT) completed its own Delaware-to-Nevada conversion. Both companies remain publicly traded on Nasdaq. Neither relocated its business operations or management. Cemtrex’s conversion was approved through shareholder written consent rather than a general shareholder meeting. Its controlling shareholder held approximately 71% of the company’s voting power. The company’s filing confirms that Nevada law now governs its internal corporate affairs, including changes to shareholder rights, director liability protections and indemnification provisions. Two more completed Delaware departures, with the corporate legal framework changing while the businesses themselves remain in place.

🚨 NEW: NASDAQ-LISTED NEXTNRG HAS OFFICIALLY LEFT DELAWARE FOR NEVADA. NextNRG (NASDAQ: NXXT) confirmed in an SEC filing that its reincorporation became effective October 7. Shareholders had approved the move in December 2025. The company has now completed the required filings in both states, replacing its Delaware charter and bylaws with Nevada governing documents. The company confirmed that its headquarters, management, employees, operations, assets and liabilities remain unchanged. Its Nasdaq listing also continues. What has changed is its corporate domicile: Nevada law now governs NextNRG’s internal corporate affairs instead of Delaware’s General Corporation Law. Another completed departure from Delaware, this time to Nevada rather than Texas.

🚨 NEW: THE SEC REVEALS HOW CLIMATE ACTIVISTS PRESSURED BLACKROCK AND STATE STREET DURING THE EXXONMOBIL BOARD REVOLT. A newly released 23-page SEC investigation details how Climate Action 100+ members organized efforts to influence ExxonMobil’s board and corporate policies. One striking finding: after Exxon excluded a climate-related shareholder proposal, a CalPERS representative said Exxon directors should have “hell to pay.” A BlackRock executive separately described a campaign against Exxon’s board as “extremely irresponsible.” The SEC found no evidence that BlackRock or State Street agreed to vote in particular ways and is bringing no enforcement action. But it warned that coordinated shareholder activism, including through outside coalitions, can trigger stricter ownership-disclosure obligations. The report arrives as Washington is reconsidering how much influence activist shareholders should have over American corporations.