MSGE Changes State of Incorporation to Nevada

Madison Square Garden Entertainment Corp. (NYSE:MSGE) is one of the 10 Best Small-Cap Stocks to Buy According to Billionaires. On June 9, Madison Square Garden Entertainment Corp. (NYSE:MSGE) held a special meeting of stockholders, which was conducted via live webcast.

The company got approval from its shareholders to officially change its state of incorporation from Delaware to Nevada.

MSGE Changes State of Incorporation to Nevada

Stagehands setting up the equipment for a live entertainment event.

Nevada is seen as a business-friendly state. This change does not affect Madison Square Garden Entertainment Corp.’s (NYSE:MSGE) operations, its management, or any material contracts. Additionally, shareholders were not required to exchange their existing stock certificates for new stock certificates.

Madison Square Garden Entertainment Corp. (NYSE:MSGE) believes that Nevada offers predictability and certainty in decision-making because of its statutory regime. The company expects that the Nevada re-domestication process will lower the risk of lawsuits against the company, its directors, and officers, which can be time-consuming and expensive. Madison Square Garden Entertainment Corp. (NYSE:MSGE) also expects this move to provide more flexibility for certain corporate transactions.

Moreover, the company expects to save nearly $250,000 by being a Nevada corporation instead of a Delaware corporation. For the last franchise tax period, Madison Square Garden Entertainment Corp. (NYSE:MSGE) paid $250,000 in franchise taxes to the state of Delaware, which it will no longer have to pay.

Madison Square Garden Entertainment Corp. (NYSE:MSGE) is an American live entertainment company. The company is known for its portfolio of venues that include New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre, and The Chicago Theatre.

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Disclosure: None. This article is originally published at Insider Monkey.