Texas Pacific Land announces Delaware Court of Chancery rules in its favor

Texas Pacific Land announced that the Delaware Court of Chancery has ruled in favor of TPL in the litigation between the company and Horizon Kinetics, Horizon Kinetics Asset Management, SoftVest Advisors and SoftVest, L.P., in Texas Pacific Land Corp. v. Horizon Kinetics LLC. On December 1, the court ruled that the investor group should have voted with the board’s recommendation on Proposal 4, the company’s proposal to increase the number of authorized shares of common stock at the 2022 annual meeting, under the terms of the June 2020 stockholders’ agreement with the company. The court has deemed the investor group’s shares to have been voted in favor of the Share Authorization Proposal, which has been deemed approved by stockholders.