TL;DR:
- JBS SA’s move to list on the New York Stock Exchange is delayed for the second time, now expected in the latter half of this year.
- The delay follows a previous postponement announced in November 2023, with plans to file a new registration statement after the March 26 earnings release.
- Opposition from environmental groups and bipartisan senators has emerged against JBS SA’s US stock listing plans.
JBS SA, headquartered in Brazil and the parent entity of JBS USA based in Greeley, Colorado, has announced a postponement of its planned New York Stock Exchange listing for a second occasion. This adjustment, as reported by Bloomberg, suggests that the company’s debut on the American stock market is now expected to occur in the latter half of the current year, following an initial postponement disclosed in November 2023.
The company’s Chief Financial Officer, Guilherme Cavalcanti, indicated that JBS intends to submit a fresh registration statement to the Securities and Exchange Commission (SEC) subsequent to its earnings announcement on March 26, according to Bloomberg.
This strategy mirrors the rationale behind the November delay, aiming to ensure that holders of American depositary receipts have sufficient opportunity to cast their votes on the transaction.
Since the announcement of JBS SA’s intention to list in the U.S., the plan has encountered opposition from various quarters. Environmental organisations such as the Rainforest Action Network, Greenpeace, and Oxfam lodged complaints with the SEC and investors last summer and autumn, advising against the endorsement of the listing.
Additionally, at the onset of 2024, a group of senators from both political parties expressed their concerns to the SEC through an open letter, signalling significant scrutiny of JBS SA’s efforts to enter the U.S. stock market.
