diff --git a/README.md b/README.md
index 1139b19..534fb7a 100755
--- a/README.md
+++ b/README.md
@@ -109,7 +109,7 @@ EXPORT_STAR_LIB: `Object.keys(` IDENTIFIER$1 `).forEach(function (` IDENTIFIER$2
 ```
 
 * The returned export names are the matched `IDENTIFIER` and `IDENTIFIER_STRING` slots for all `EXPORTS_MEMBER`, `EXPORTS_DEFINE` and `EXPORTS_LITERAL` matches.
-* The reexport specifiers are taken to be the `STRING_LITERAL` slots of all `MODULE_EXPORTS_ASSIGN` as well as all _top-level_ `EXPORT_STAR` `REQUIRE` matches and `EXPORTS_ASSIGN` matches whose `IDENTIFIER` also matches the first `IDENTIFIER` in `EXPORT_STAR_LIB`.
+* The reexport specifiers are taken to be the `STRING_LITERAL` slot of the last `MODULE_EXPORTS_ASSIGN` as well as all _top-level_ `EXPORT_STAR` `REQUIRE` matches and `EXPORTS_ASSIGN` matches whose `IDENTIFIER` also matches the first `IDENTIFIER` in `EXPORT_STAR_LIB`.
 
 ### Parsing Examples
 
@@ -180,16 +180,16 @@ module.exports = {
 
 #### module.exports reexport assignment
 
-Any `module.exports = require('mod')` assignment is detected as a reexport:
+Any `module.exports = require('mod')` assignment is detected as a reexport, but only the last one is returned:
 
 ```js
-// DETECTS REEXPORTS: a, b, c
+// DETECTS REEXPORTS: c
 module.exports = require('a');
 (module => module.exports = require('b'))(NOT_MODULE);
 if (false) module.exports = require('c');
 ```
 
-As a result, the total list of exports would be inferred as the union of all of these reexported modules, which can lead to possible over-classification.
+This is to avoid overclassification in Webpack bundles with externals which include `module.exports = require('external')` in their source for every external dependency.
 
 #### Transpiler Re-exports
 
diff --git a/include-wasm/cjs-module-lexer.h b/include-wasm/cjs-module-lexer.h
index 72ab1a5..10c823b 100755
--- a/include-wasm/cjs-module-lexer.h
+++ b/include-wasm/cjs-module-lexer.h
@@ -123,8 +123,14 @@ void (*addExport)(const uint16_t*, const uint16_t*) = &_addExport;
 void (*addReexport)(const uint16_t*, const uint16_t*) = &_addReexport;
 bool parseCJS (uint16_t* source, uint32_t sourceLen, void (*addExport)(const uint16_t* start, const uint16_t* end), void (*addReexport)(const uint16_t* start, const uint16_t* end));
 
+enum RequireType {
+  Import,
+  ExportAssign,
+  ExportStar
+};
+
 void tryBacktrackAddStarExportBinding (uint16_t* pos);
-bool tryParseRequire (bool directStarExport);
+bool tryParseRequire (enum RequireType requireType);
 void tryParseLiteralExports ();
 bool readExportsOrModuleDotExports (uint16_t ch);
 void tryParseModuleExportsDotAssign ();
diff --git a/include/cjs-module-lexer.h b/include/cjs-module-lexer.h
index d83907b..0bb8912 100755
--- a/include/cjs-module-lexer.h
+++ b/include/cjs-module-lexer.h
@@ -29,8 +29,14 @@ void bail (uint32_t err);
 
 bool parseCJS (uint16_t* source, uint32_t sourceLen, void (*addExport)(const uint16_t*, const uint16_t*), void (*addReexport)(const uint16_t*, const uint16_t*));
 
+enum RequireType {
+  Import,
+  ExportAssign,
+  ExportStar
+};
+
 void tryBacktrackAddStarExportBinding (uint16_t* pos);
-bool tryParseRequire (bool directStarExport);
+bool tryParseRequire (enum RequireType requireType);
 void tryParseLiteralExports ();
 bool readExportsOrModuleDotExports (uint16_t ch);
 void tryParseModuleExportsDotAssign ();
diff --git a/lexer.js b/lexer.js
index 9b172bf..7f7c971 100755
--- a/lexer.js
+++ b/lexer.js
@@ -10,6 +10,7 @@ let openTokenDepth,
   nextBraceIsClass,
   starExportMap,
   lastStarExportSpecifier,
+  lastExportsAssignSpecifier,
   _exports,
   reexports;
 
@@ -25,11 +26,17 @@ function resetState () {
   nextBraceIsClass = false;
   starExportMap = Object.create(null);
   lastStarExportSpecifier = null;
+  lastExportsAssignSpecifier = null;
 
   _exports = new Set();
   reexports = new Set();
 }
 
+// RequireType
+const Import = 0;
+const ExportAssign = 1;
+const ExportStar = 2;
+
 const strictReserved = new Set(['implements', 'interface', 'let', 'package', 'private', 'protected', 'public', 'static', 'yield', 'enum']);
 
 module.exports = function parseCJS (source, name = '@') {
@@ -42,6 +49,8 @@ module.exports = function parseCJS (source, name = '@') {
     e.loc = pos;
     throw e;
   }
+  if (lastExportsAssignSpecifier)
+    reexports.add(lastExportsAssignSpecifier);
   const result = { exports: [..._exports], reexports: [...reexports] };
   resetState();
   return result;
@@ -85,7 +94,7 @@ function parseSource (cjsSource) {
           continue;
         case 114/*r*/:
           const startPos = pos;
-          if (tryParseRequire(false) && keywordStart(startPos))
+          if (tryParseRequire(Import) && keywordStart(startPos))
             tryBacktrackAddStarExportBinding(startPos - 1);
           lastTokenPos = pos;
           continue;
@@ -97,7 +106,7 @@ function parseSource (cjsSource) {
             if (source.charCodeAt(pos) === 40/*(*/) {
               openTokenPosStack[openTokenDepth++] = lastTokenPos;
               if (source.charCodeAt(++pos) === 114/*r*/)
-                tryParseRequire(true);
+                tryParseRequire(ExportStar);
             }
           }
           lastTokenPos = pos;
@@ -623,14 +632,14 @@ function tryParseExportsDotAssign (assign) {
 
         // require('...')
         if (ch === 114/*r*/)
-          tryParseRequire(true);
+          tryParseRequire(ExportAssign);
       }
     }
   }
   pos = revertPos;
 }
 
-function tryParseRequire (directStarExport) {
+function tryParseRequire (requireType) {
   // require('...')
   if (source.startsWith('equire', pos + 1)) {
     pos += 7;
@@ -645,13 +654,17 @@ function tryParseRequire (directStarExport) {
         const reexportEnd = pos++;
         ch = commentWhitespace();
         if (ch === 41/*)*/) {
-          if (directStarExport) {
-            reexports.add(source.slice(reexportStart, reexportEnd));
-          }
-          else {
-            lastStarExportSpecifier = source.slice(reexportStart, reexportEnd);
+          switch (requireType) {
+            case ExportAssign:
+              lastExportsAssignSpecifier = source.slice(reexportStart, reexportEnd);
+              return true;
+            case ExportStar:
+              reexports.add(source.slice(reexportStart, reexportEnd));
+              return true;
+            default:
+              lastStarExportSpecifier = source.slice(reexportStart, reexportEnd);
+              return true;
           }
-          return true;
         }
       }
       else if (ch === 34/*"*/) {
@@ -659,13 +672,17 @@ function tryParseRequire (directStarExport) {
         const reexportEnd = pos++;
         ch = commentWhitespace();
         if (ch === 41/*)*/) {
-          if (directStarExport) {
-            reexports.add(source.slice(reexportStart, reexportEnd));
-          }
-          else {
-            lastStarExportSpecifier = source.slice(reexportStart, reexportEnd);
+          switch (requireType) {
+            case ExportAssign:
+              lastExportsAssignSpecifier = source.slice(reexportStart, reexportEnd);
+              return true;
+            case ExportStar:
+              reexports.add(source.slice(reexportStart, reexportEnd));
+              return true;
+            default:
+              lastStarExportSpecifier = source.slice(reexportStart, reexportEnd);
+              return true;
           }
-          return true;
         }
       }
     }
diff --git a/src/lexer.c b/src/lexer.c
index b0cde97..b3c7c99 100755
--- a/src/lexer.c
+++ b/src/lexer.c
@@ -21,6 +21,8 @@ uint16_t* end;
 uint16_t* templateStack;
 uint16_t** openTokenPosStack;
 StarExportBinding* starExportStack;
+uint16_t* reexportAssignStart;
+uint16_t* reexportAssignEnd;
 bool nextBraceIsClass;
 
 uint16_t* lastReexportStart;
@@ -62,6 +64,8 @@ bool parseCJS (uint16_t* _source, uint32_t _sourceLen, void (*_addExport)(const
   openTokenPosStack = &openTokenPosStack_[0];
   starExportStack = &starExportStack_[0];
   nextBraceIsClass = false;
+  reexportAssignStart = NULL;
+  reexportAssignEnd = NULL;
 
   pos = (uint16_t*)(source - 1);
   uint16_t ch = '\0';
@@ -94,7 +98,7 @@ bool parseCJS (uint16_t* _source, uint32_t _sourceLen, void (*_addExport)(const
           continue;
         case 'r': {
           uint16_t* startPos = pos;
-          if (tryParseRequire(false) && keywordStart(startPos))
+          if (tryParseRequire(Import) && keywordStart(startPos))
             tryBacktrackAddStarExportBinding(startPos - 1);
           lastTokenPos = pos;
           continue;
@@ -107,7 +111,7 @@ bool parseCJS (uint16_t* _source, uint32_t _sourceLen, void (*_addExport)(const
             if (*pos == '(') {
               openTokenPosStack[openTokenDepth++] = lastTokenPos;
               if (*(++pos) == 'r')
-                tryParseRequire(true);
+                tryParseRequire(ExportStar);
             }
           }
           lastTokenPos = pos;
@@ -217,6 +221,9 @@ bool parseCJS (uint16_t* _source, uint32_t _sourceLen, void (*_addExport)(const
   if (templateDepth != UINT16_MAX || openTokenDepth || has_error)
     return false;
 
+  if (reexportAssignStart)
+    addReexport(reexportAssignStart, reexportAssignEnd);
+
   // success
   return true;
 }
@@ -647,14 +654,14 @@ void tryParseExportsDotAssign (bool assign) {
 
         // require('...')
         if (ch == 'r')
-          tryParseRequire(true);
+          tryParseRequire(ExportAssign);
       }
     }
   }
   pos = revertPos;
 }
 
-bool tryParseRequire (bool directStarExport) {
+bool tryParseRequire (enum RequireType requireType) {
   // require('...')
   if (str_eq6(pos + 1, 'e', 'q', 'u', 'i', 'r', 'e')) {
     pos += 7;
@@ -669,14 +676,19 @@ bool tryParseRequire (bool directStarExport) {
         uint16_t* reexportEnd = pos++;
         ch = commentWhitespace();
         if (ch == ')') {
-          if (directStarExport) {
-            addReexport(reexportStart, reexportEnd);
-          }
-          else {
-            starExportStack->specifier_start = reexportStart;
-            starExportStack->specifier_end = reexportEnd;
+          switch (requireType) {
+            case ExportStar:
+              addReexport(reexportStart, reexportEnd);
+              return true;
+            case ExportAssign:
+              reexportAssignStart = reexportStart;
+              reexportAssignEnd = reexportEnd;
+              return true;
+            default:
+              starExportStack->specifier_start = reexportStart;
+              starExportStack->specifier_end = reexportEnd;
+              return true;
           }
-          return true;
         }
       }
       else if (ch == '"') {
@@ -684,12 +696,18 @@ bool tryParseRequire (bool directStarExport) {
         uint16_t* reexportEnd = pos++;
         ch = commentWhitespace();
         if (ch == ')') {
-          if (directStarExport) {
-            addReexport(reexportStart, reexportEnd);
-          }
-          else {
-            starExportStack->specifier_start = reexportStart;
-            starExportStack->specifier_end = reexportEnd;
+          switch (requireType) {
+            case ExportStar:
+              addReexport(reexportStart, reexportEnd);
+              return true;
+            case ExportAssign:
+              reexportAssignStart = reexportStart;
+              reexportAssignEnd = reexportEnd;
+              return true;
+            default:
+              starExportStack->specifier_start = reexportStart;
+              starExportStack->specifier_end = reexportEnd;
+              return true;
           }
           return true;
         }
diff --git a/test/_unit.js b/test/_unit.js
index 0f3cf05..5b8d8f8 100755
--- a/test/_unit.js
+++ b/test/_unit.js
@@ -423,9 +423,8 @@ suite('Lexer', () => {
     `);
     assert.equal(exports.length, 1);
     assert.equal(exports[0], 'asdf');
-    assert.equal(reexports.length, 2);
-    assert.equal(reexports[0], './asdf');
-    assert.equal(reexports[1], './another');
+    assert.equal(reexports.length, 1);
+    assert.equal(reexports[0], './another');
   });
 
   test('Single parse cases', () => {