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MintzTech Connect: All Things Technology — October 2026
In this edition of MintzTech Connect, Dan DeWolf and Sam Effron explore key developments affecting emerging companies, including a landmark Delaware court decision confirming that public benefit corporation (PBC) directors are not required to maximize shareholder value in change-of-control transactions. The newsletter examines the implications of the ruling for founders, investors, and directors, highlights Mintz’s pro bono partnership with A Good Option (AGO) to support equity-based charitable giving in the startup ecosystem, and features client Retro, a private photo-sharing platform founded by former Instagram executives that recently completed a Series A financing.
Delaware Court Confirms: PBC Directors Need Not Maximize Shareholder Value
In this article, Dan DeWolf and Neelam Karamchandani discuss the Delaware Court of Chancery’s landmark Drakes Landing decision, which held that Public Benefit Corporation (PBC) directors are not required to maximize shareholder value in change-of-control transactions. Instead, PBC boards must balance shareholder interests, stakeholder impacts, and the company’s stated public benefit, while benefiting from statutory safe-harbor protections when acting on an informed and disinterested basis. The decision provides founders and directors with greater flexibility to preserve mission-driven objectives in M&A transactions, while underscoring the importance of documenting the board’s balancing process.
Is a Public Benefit Corporation Right for Your Mission-Driven Business?
This article is geared towards founders who have an idea for a mission-driven business and want to know what to do next.
Public Benefit Corporations are Going Public
By Ben Stone
As society increasingly expects corporations, large and small, to generate positive social impact alongside profits, many entrepreneurs and executives are incorporating their companies as, or converting to, Public Benefit Corporations (“PBCs”).
Can I Raise Venture Capital as a Public Benefit Corporation?
By Ben Stone
As societies and markets increasingly insist that corporations generate positive social impact alongside profit, investors have taken notice. The global impact investing market alone, for instance, doubled from $114 billion in 2017 to $228 billion in 2018, and will almost certainly continue to accelerate. [1]
Liability Considerations for Delaware Public Benefit Corporations
By Will Perkins and Christina Bailey
A public benefit corporation (PBC) is a statutorily designated type of corporation in Delaware that melds two concepts that are often seen as opposites: maximizing profit and providing public benefit. This choice of entity presents a compromise for those companies who are committed to operating in a responsible and sustainable manner, while acting as a for-profit entity.
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