Leave Delaware
@LeaveDelaware
Official Home of the DExit Movement. 🇺🇸 America’s business migration, tracked in real time. Companies, capital & talent leaving high-cost, high-risk states
Joined August 2024
553 Following 34.8K Followers
JUST IN: $84 BILLION DOORDASH HAS OFFICIALLY LEFT DELAWARE FOR NEVADA.
DoorDash’s reincorporation became effective yesterday at 12:02 a.m. Pacific. $DASH is now governed by Nevada corporate law; its Nasdaq listing, operations, management and employees are unchanged.
When DoorDash proposed the move, it said Nevada offered a “more predictable, statute-based legal environment” and specifically pointed to Nevada’s codification of fiduciary duties as providing greater stability and certainty for corporate decision-making. At roughly $84B, DoorDash is now the sixth-largest company in SMU’s 90-company reincorporation cohort.
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JUST IN: DOORDASH FILES DEFINITIVE NOTICE OF ITS DELAWARE EXIT — THE REQUIRED 20-DAY WAITING PERIOD IS NOW UNDERWAY.
DoorDash’s Aug. 27 Schedule 14C says its board compared Delaware with Nevada and Texas and concluded Nevada’s statute-based system is likely to provide greater predictability in corporate governance and litigation than Delaware. The company says it expects to complete the Nevada reincorporation as soon as practicable after the waiting period.
DoorDash’s founders and other consenting shareholders already control 54.2% of the voting power, so no additional shareholder vote is required. The definitive notice is now out and the conversion process is moving toward completion.
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