Mercadolibre, the Electronic Commerce Giant and Digital Financial Services founded in Argentina in 1999, withdrew a proposal to its shareholders to move the legal domicile of its Delaware headquarters to Texas (United States).
In a note sent to the United States Securities Commission (SEC), the company notified its decision to withdraw the number four proposal of the agenda of matters to be treated and submitted to the vote at the Board of Shareholders convened for next June 17.
The company did not offer explanations about the reasons that led him to withdraw the proposal.
Last April, Mercadolibre convened an assembly of shareholders for June 17 to vote a proposal from the company’s management to go from being a company constituted under the laws of the state of Delaware to a corporation constituted under the laws of the State of Texas.
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At that time, the company led by Argentine businessman Marcos Galperin claimed that this change sought to unify the presence of merchandise in the United States after the last year of its first distribution center in Texas.
According to the company, its logistics center in Texas – the first one that creates outside Latin America – has increasingly become the center of its operations in the United States, while in Delaware practically it has no operations.
Although the company was founded in Argentina and is now based in Montevideo, its legal domicile in the American state of Delaware constituted in 1999.
Mercadolibre, whose shares are quoted in the United States Nasdaq index and that in 2024 obtained a net profit of 1,911 million dollars, operates in 18 countries in Latin America and its main markets are Brazil, Argentina and Mexico.
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In recent months, growing criticisms of Delaware corporate legislation have been raised, historically chosen by large companies for their legal and tax advantages.
The tycoon Elon Musk is one of the entrepreneurs who promotes to leave Delaware and establish companies in Texas or Nevada
With EFE information
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