Delaware Supreme Court affirms ruling in favor of TPL in stockholders' agreement litigation

Texas Pacific Land Corp

Delaware Supreme Court affirmed Dec 1, 2023 Court of Chancery ruling in favor of Texas Pacific Land Corporation.
Court ruled Investor Group (Horizon Kinetics, SoftVest) should have voted with Board recommendation on Proposal 4 to increase authorized shares at 2022 annual meeting.
Proposal 4 to increase authorized shares is deemed approved by stockholders as a result of the ruling.
Supreme Court decision dated February 26, 2024; removes uncertainty from prior appeal.

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