Sonoma Pharmaceuticals, Inc. (SNOA) — Reincorporation detail

Announcement

2026-04-27

First SEC disclosure

Meeting / Vote

2026-06-24

SCHEDULED

Effective

—

Legal effective date

Market Cap

$4M

At announcement

Why this firm matters

Vote scheduled for 2026-06-24; results pending.

Vote outcome — reincorporation proposal

Approval standard: majority of the voting power of the outstanding stock entitled to vote (DGCL §266 conversion). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-04-24 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-37.26% ^***	Patell-z p-value = 0.000

Event-study abnormal returns — vote window

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

Vote window CARs not yet computed (vote on 2026-06-24).

Long-run abnormal returns & pooled estimates

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

Specification	CAR / BHAR	Details
Buy-and-hold abnormal return — 3 monthi	-43.96%	Fama-French 5-factor + momentum
Buy-and-hold abnormal return — 6 monthi	-52.22%	Fama-French 5-factor + momentum

*** p < 0.05 · * p < 0.10 · CAR = cumulative abnormal return; BHAR = buy-and-hold abnormal return; FFC6 = Fama-French five-factor + momentum (UMD)

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 = 0.000, Romano-Wolf adjusted p = 0.000, BH-FDR adjusted p = 0.000. 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.

Nevada Statutory Disclosures

Nevada Revised Statutes (NRS) governance provisions relevant to Delaware→Nevada redomestications. Five sections summarized; each links to the Nevada Legislature’s authoritative NRS text. Counterpart to the Texas § 21.552 / § 21.373 panel for TX-destination firms.

NRS § 78.138 — Director / officer fiduciary duty

Codifies the business-judgment rule and limits monetary liability of directors and officers absent breach of loyalty, intentional misconduct, fraud, or knowing violation of law. Stronger statutory shield than DGCL § 102(b)(7) on its face; charter opt-out / carve-out is firm-specific.

PENDING VERIFICATION

Adoption with carve-out by Sonoma Pharmaceuticals, Inc.: primary-source verification pending; canonical record not yet populated.

NRS § 78.7502 — Indemnification of directors / officers

Broad permissive indemnification statute; covers expenses, judgments, fines, and amounts paid in settlement for any action by reason of service as director or officer, subject to good-faith standard. Charter / bylaw uptake is firm-specific.

PENDING VERIFICATION

Sonoma Pharmaceuticals, Inc. indemnification provisions pending charter / bylaw extraction.

NRS §§ 78.378–3793 — Acquisition of controlling interest

Nevada's control-share acquisition statute (anti-takeover): voting rights of shares acquired in a “control-share acquisition” are extinguished absent disinterested-shareholder approval. Opt-out is by charter or bylaw amendment; default is opt-in for Nevada corporations meeting the statute's coverage thresholds.

PENDING VERIFICATION

Sonoma Pharmaceuticals, Inc. opt-in / opt-out status pending charter or bylaw verification.

NRS §§ 78.411–444 — Combinations with interested stockholders

Nevada's business-combination statute (anti-takeover): for two years post-acquisition, a Nevada corporation may not engage in a “combination” with a 10%+ interested stockholder unless the board pre-approved the transaction. Charter opt-out available.

PENDING VERIFICATION

Sonoma Pharmaceuticals, Inc. opt-in / opt-out status pending charter verification.

NRS § 92A.135 — Conversion mechanism (DGCL § 266 analog)

Authorizes conversion of a foreign business entity into a Nevada domestic entity by filing articles of conversion. The Nevada analog to DGCL § 266 (Delaware) and TBOC §§ 10.101–108 (Texas). Where used, the firm's redomestication is a true legal-entity conversion rather than a reverse-triangular merger.

PENDING VERIFICATION

Mechanism (§ 92A.135 conversion vs. merger-with-NV-sub) pending primary-source verification.

Primary-source pending. Where badges read “PENDING VERIFICATION,” the firm-specific adoption posture (e.g., charter carve-outs to NRS § 78.138, opt-outs from NRS §§ 78.378–3793 or 78.411–444) has not yet been extracted from the firm’s amended-and-restated articles or proxy materials. The presence of a Nevada incorporation alone does not establish adoption of every provision; opt-outs are charter-level facts.

Source filings

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

IR — https://investors.sonomapharma.com/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001367083&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001367083&type=DEF+14A&dateb=&owner=include&count=40
EDGAR accession (canonical) — 0001683168-26-003211

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_post_SB29

Audit status

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

Source confidence

COMPANY_RELEASE

Transaction status

PENDING

Audit notes

Phase 3M 2026-04-27: status=SCHEDULED — moved None from actual to proposed_effective_date_iso. Will promote to actual after vote passes.
[2026-04-28] Phase 4E ad-hoc filing ingest: PRE 14A 0001683168-26-003211 (filed 2026-04-27). Updates: announcement_date_iso, edgar_accession_canonical, audit_status, status_label_dashboard, vote_result.
Phase 4F: PRE 14A verified — SECOND reincorporation attempt for DE→NV. Prior vote 2024-08-22 FAILED: For 2,790,999 / Against 490,070 / Abstain 33,663 (85.1% of votes cast in favor, but proposal required majority of outstanding shares — turnout too low to meet the threshold). Filing 0001683168-26-003211 on 2026-04-24 schedules a special meeting for 2026-06-24. Approval standard remains majority of outstanding shares; abstentions and broker non-votes effectively count against. Stated rationale: eliminate ~$200K/yr Delaware franchise tax. Research significance: rare within-firm repeated-measures case (same firm, same proposal, same approval threshold, two attempts) — flag for Panel A robustness.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investors.sonomapharma.com/ [2026-04-29] phase5u: row independently validated by external Reviewer (full-residual pass, 78/276 substantive answers); validations applied: V_DATE_ANN=CONFIRM; V_DATE_MEET=CONFIRM; V_DATE_EFF=NOT_YET_EFFECTIVE; V_FROM_TO=CONFIRM; V_BUCKET=CONFIRM; V_COHORT=CONFIRM_INCLUSION; primary-source URLs all under https://www.sec.gov/Archives/ [2026-04-29] phase5v: row independently re-validated by external Reviewer (Round 4 full-residual pass, 85/276 substantive); all bucket and pending-status conclusions match v3.57 [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v6 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58) [2026-04-29] phase5x: SNOA prior_failed_vote_flag set to 1; prior_vote_date_iso = 2024-08-22 (first reincorporation vote attempt failed DE outstanding-shares threshold; second attempt scheduled 2026-06-24 per PRE 14A acc 0001683168-26-003211); rare within-firm repeated-measures case for Panel A robustness; Decision #3 per Shane 2026-04-29
[2026-04-29] v3.75: VERIFIED MECHANISM — TWO-ATTEMPT firm. (1) 2024 attempt: REJECTED via DGCL §266 conversion. (2) Current scheduled second attempt. Standard: DGCL §266 majority-of-outstanding-voting-power. Cited rationale: $200K/yr Delaware franchise tax → <$1K/yr Nevada; broader D&O liability exclusion under NRS 78.138.
[2026-04-29] v3.84-rev1 EVENT-DATE CORRECTION (reviewer 2 / Anthropic concern #1): announcement_date_iso changed from 2026-04-24 to 2026-04-27. April 24 was the day Sonoma announced a $4M dilutive equity offering (2,962,963 shares @ $1.35; Form S-1 declared effective by SEC 2026-04-23; underwriter Dawson James) — a same-day idiosyncratic shock unrelated to corporate domicile. The reincorporation PRE 14A acc 0001683168-26-003211 was filed 2026-04-27 per Phase 4E audit and confirmed by post-event volume normalization. Capital IQ (Interactive Data Pricing) confirms split-adjusted prices: April 23 close $1.80, April 24 close $1.14 (-36.67% raw, real economic event but driven by dilution), April 27 close $1.11 (-2.63% raw, normal volume 427K). Provisional Day-0 AR = -2.63% (raw return); full market-model recompute pending next yfinance sync.
v3.84-rev5c [2026-04-30] promoted to HIGH date_quality_flag per v3.84-rev1 EDGAR-verified primary-source date correction (event-date fix from financing day to reincorporation announcement); primary-source EDGAR confirmation.