BS SA Faces Second Delay in U.S. Stock Listing Amid Controversy and Opposition

JBS SA, the Brazilian parent company of JBS USA based in Greeley, Colorado, has once again postponed its listing on the New York Stock Exchange, marking the second delay in this process. This recent setback is expected to extend the timeline for JBS’ listing to the latter part of this year. The initial delay was announced in November 2023.

According to Bloomberg’s report, Guilherme Cavalcanti, the Chief Financial Officer of JBS, mentioned that the company intends to submit a new registration statement to the Securities and Exchange Commission (SEC) following its upcoming earnings release scheduled for March 26. Similar to the postponement in November, the primary objective is to ensure that holders of American depositary receipts have sufficient time to vote on the transaction.

Since JBS SA revealed its intentions for a U.S. stock listing last year, it has faced opposition from various quarters. Environmental organizations, including Rainforest Action Network, Greenpeace, and Oxfam, filed complaints with the SEC and investors during the summer and fall, urging them to refrain from supporting the listing. In early 2024, a bipartisan group of senators expressed concerns in an open letter to the SEC regarding JBS’ listing plans.

This repeated delay in JBS’ U.S. stock listing reflects the challenges and controversies surrounding the company’s move, as it navigates opposition from both environmental groups and political figures. The evolving situation suggests that JBS is taking additional measures to address concerns and ensure a smoother listing process in the later part of the year.