Progressive challengers in Delaware

Delaware incorporation law changes will increase legal costs for corporations seeking to maintain current governance structures, reflected in increased spending on M&A legal fees and reincorporation advisors

Political uncertainty from Delaware progressive challengers will cause institutional investors to diversify away from Delaware-incorporated tech/financial firms, reducing valuations of companies like DIS, JPM by 2-4% relative to non-Delaware peers

Delaware corporate law changes driven by progressive challengers will negatively impact legal services revenue for major Delaware-incorporated company service providers (WOLV, LPL) within 6 months