NL Industries, Inc. (NL) — Reincorporation detail

Announcement

2026-03-15

First SEC disclosure

Meeting / Vote

2026-05-14

APPROVED_PENDING_EFFECTIVE

Effective

—

Legal effective date

Market Cap

$296M

At announcement

Why this firm matters

Standard cohort firm (Approved_Pending_Effective). Included for breadth across destinations and sectors.

Controller & ownership

DE FACTO CONTROLLER

Valhi, Inc. is the largest disclosed voting holder. Effective controller under Delaware/common-law definition though not strict listing-rule (>50%) controlled.

Source: NL Industries, Inc., Form 8-K (May 14, 2026); accession 0000072162-26-000028

Vote outcome — reincorporation proposal

Approval standard: majority of outstanding voting power (NJ BCA §14A:10-3 — provisional pending DEF 14A pincite). Meeting type: annual.

For

46,457,955

Against

36,434

Abstain

9,639

95.1% approval (For ÷ outstanding voting power (NJ BCA merger))

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-03-16 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-3.25%	Patell-z p-value = 0.266

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

No vote-window CARs available for this firm yet.

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.266, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

Source filings pending EDGAR backfill. No primary-source filings are presently linked in the canonical record for this firm. Until backfill completes, see SEC EDGAR company browse (CIK 0000072162) → for the live filings list.

Classification & audit trail

Bucket

X_DE_INBOUND_COUNTERFLOW

Panel eligibility

EXCLUDED_HISTORICAL_OOS

Audit status

TIER3_REVIEWED_REV64 | PATCHED_v6-rev77_2026-05-24_wave1b_audit_fixes: per firm_roster_audit_2026-05-24.md + batch summaries

Source confidence

—

Transaction status

PENDING

Audit notes

rev64 2026-05-18: Tier-3 R3 audit (4 variants × GPT-5.5-Pro) NEEDS_VERIFICATION clearance; status COMPLETED_EFFECTIVE → APPROVED_PENDING_EFFECTIVE until Cert of Merger lands ~2026-05-26; mechanism updated with §14A:10-7 + §252 pinpoints; 7 new schema columns; controller_votes_for=40,387,531 (Valhi); minority_vote_floor=5,650,136
[2026-05-26 v6-rev84] vote_result CORRECTED from SCHEDULED to APPROVED per NL Form 8-K May 14 2026 Item 5.07: 'The Reincorporation Proposal received the approval from 95.1% of the shares eligible to vote at the annual meeting.' Tally: For 46,457,955 / Against 36,434. Status_label already APPROVED_PENDING_EFFECTIVE — taxonomy now internally consistent. controlled/controller fields backfilled: 8-K explicitly identifies Valhi, Inc. as NL's controlling stockholder. Reviewer 3 (Grok) triple-verified.