Tempus AI, Inc. (TEM) — Reincorporation detail

Announcement

2025-03-28

First SEC disclosure

Meeting / Vote

2025-05-20

COMPLETED

Effective

2025-08-07

Legal effective date

Market Cap

$8.6B

At announcement

Why this firm matters

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

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: 2025-03-28 · Estimation window: —

Specification	Day-0 AR	Inference
Market-model abnormal return on announcement dayi	+23.01%	no inference

Event-study abnormal returns — vote window

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

Event date: 2025-08-07 · T0 source: actual_effective_date_iso · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+5.96%	Patell-z p-value = 0.361

Long-run abnormal returns & pooled estimates

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

Effective date: 2025-08-07 · n_post = 183 days

Buy-and-hold abnormal returns (BHAR)

Horizon & benchmark	BHAR	Inference
1 month vs S&P 500	+33.95%	Patell-z = +0.82 · p = 0.411 · n = 21 days
1 month vs sector ETF (XLV)	+29.72%	Patell-z = +0.82 · p = 0.411 · n = 21 days
3 months vs S&P 500	+32.57%	Patell-z = +0.25 · p = 0.800 · n = 63 days
3 months vs sector ETF (XLV)	+26.62%	Patell-z = +0.25 · p = 0.800 · n = 63 days
6 months vs S&P 500	-16.38%	Patell-z = -0.50 · p = 0.614 · n = 126 days
6 months vs sector ETF (XLV)	-29.85%	Patell-z = -0.50 · p = 0.614 · n = 126 days

Calendar-time portfolio alpha (CTE)

Specification	Annualized alpha	Inference
Calendar-time portfolio alpha vs S&P 500	-43.56%/yr	t = -0.86 · p = 0.390 · n = 183 days · Newey-West HAC SE (lag=5)
Calendar-time portfolio alpha vs sector ETF	-30.98%/yr	t = -0.52 · p = 0.603 · n = 183 days · Newey-West HAC SE (lag=5)

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: per-firm adjusted p-values pending. 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 Tempus AI, 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

Tempus AI, 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

Tempus AI, 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

Tempus AI, 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.tempus.com/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001717115&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001717115&type=DEF+14A&dateb=&owner=include&count=40
8-K Item 5.07 (vote) · 0000950170-25-105449 — filing →

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_post_SB29

Audit status

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

Source confidence

VERIFIED_VOTE

Transaction status

COMPLETED

Audit notes

Phase 3F: cleared future meeting_date_iso=2026-06-04 — firm already moved (eff_date=2025-05-23); the future date was the next annual meeting at the new domicile, not the reincorporation vote.
Phase 3F vote-result inferred APPROVED from status=COMPLETED + populated eff date (2025-05-23). Original vote_result was 'SCHEDULED'. Verify with 8-K if uncertain.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investors.tempus.com/
[2026-04-28] Phase 4K: corrected year error (announcement 2026-04-02 -> 2025-03-28). Annual meeting 2025-05-20; eff 2025-08-07 11:59pm ET. Class B 30-vote founder-control structure relevant for governance analysis.
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis.
[2026-04-28] Phase 4Q: audit_status PENDING_TRANSACTION -> VERIFIED. Effective 2025-08-07. [2026-04-28] phase5c: vote source 8-K 0001193125-25-125425 (2025-05-23, Δ=3d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-28] phase5c: vote source 8-K 0001193125-25-125425 (2025-05-23, Δ=3d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-29] phase5r: bucket 'D' -> 'B2' (DE->NV effective 2025-08-07 >= SB29 -> bucket B2) [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: VERIFIED via 8-K Item 5.07 — annual meeting May 20, 2025; effective Aug 7, 2025. Class A + Class B vote together as single class. DGCL §266 conversion. Board retained discretion to abandon despite shareholder approval (executed). Item 5.07 vote-tallies pincite pending.
v3.84-rev5c [2026-04-30]: TEM is_headline=false on panel_A_T0_announcement spec. Headline cohort statistics now exclude TEM (n=47 with headline AR; +0.26% bug fixed to -0.22%). TEM remains in the cohort for descriptive purposes; not used in the announcement-day headline.