Official Home of the DExit Movement. 🇺🇸 America’s business migration, tracked in real time. Companies, capital & talent leaving high-cost, high-risk states
🚨 NEW: ANOTHER NYSE-LISTED COMPANY IS LEAVING DELAWARE FOR TEXAS - WITH 86% SHAREHOLDER SUPPORT.
Spruce Power filed yesterday that it expects to complete its Delaware-to-Texas redomiciliation around October 20.
The company’s explanation is unusually direct. Its board told shareholders Spruce has “no meaningful operational connection to Delaware” and was originally incorporated there solely because of Delaware’s legal framework .. a framework the board now says is no longer best suited for the company.
Spruce also cited Texas’s codified business judgment rule, greater certainty for corporate decision-makers and reduced litigation risk.
Its headquarters, employees, operations and NYSE listing will remain unchanged.