史密斯菲德食品美股招股说明书(2025-01-29版)

424B41smithfieldfoods-424b4.htm424B4 TableofContents FiledPursuanttoRule 424(b)(4) RegistrationNo.333- 284141 Prospectus 26,086,958Shares SmithfieldFoods,Inc. CommonStock ThisistheinitialpublicofferingofcommonstockofSmithfieldFoods,Inc.Weareoffering13,043,479sharesofourcommonstock,andSFDSUKHoldingsLimited(the“sellingshareholder”),anindirectwhollyownedsubsidiaryofourparentcompany,WHGroupLimited(“WHGroup”),isoffering13,043,479sharesofourcommonstock.Wewillnotreceiveanyproceedsfromthesaleofstockbyoursellingshareholder. Thereiscurrentlynopublicmarketforsharesofourcommonstock.Theinitialpublicofferingpriceofourcommonstockis$20.00pershare.WehavereceivedapprovaltolistourcommonstockontheNasdaqGlobalSelectMarket,underthesymbol“SFD.” Afterthecompletionofthisoffering,WHGroupwillbeneficiallyownapproximately93.4%ofoursharesofcommonstockeligibletovoteintheelectionofourdirectors(orapproximately92.4%iftheunderwritersexerciseinfulltheiroptiontopurchaseadditionalsharesofourcommonstock).Asaresult,wewillbea“controlledcompany”withinthemeaningofthecorporategovernancestandardsofTheNasdaqStockMarketLLC,orNasdaq,andqualifyfor,andintendtorelyon,exemptionsfromcertaincorporategovernancerequirementsasdescribedherein.See“Management—ControlledCompanyExemption.”Thereisnosingleshareholderorgroupofshareholderswhichowns50%ormoreofthevotingpowerofWHGroupasofthedateofthisprospectus.Asaresult,WHGroupwouldnotbeconsideredacontrolledcompanywithinthemeaningofthecorporategovernancestandardsofNasdaq. Investinginourcommonstockinvolvesrisks.See“RiskFactors”beginningonpage32toreadaboutfactorsyoushouldconsiderbeforebuyingsharesofourcommonstock. NeithertheSecuritiesandExchangeCommission,ortheSEC,noranystatesecuritiescommissionhasapprovedordisapprovedofthesesecuritiesorpassedupontheadequacyoraccuracyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense. PerShare Total 521,739,160.0 Initialpublicofferingprice $20.00 $0 Underwritingdiscountsandcommissions(1) $0.90 $23,478,262.20 249,130,448.9 Proceeds,beforeexpenses,tous $19.10 $0 249,130,448.9 Proceeds,beforeexpenses,tosellingshareholder $19.10 $0 (1)See“Underwriting”foradditionalinformationregardingunderwritingcompensation. Atourrequest,theunderwritershavereservedupto2%ofthesharesofourcommonstockofferedbythisprospectusforsaleattheinitialpublicofferingpricethroughadirectedshareprogramtoourdirectors,officersandcertainofouremployees.See“Underwriting—DirectedShareProgram.” LongWan,thechairmanofourboardofdirectorsandthechairmanofWHGroup,hasagreedtopurchase3,200,000sharesofourcommonstockinthisofferingattheinitialpublicofferingprice.Thesharesaresubjecttothe180-daylock-upagreementdescribedherein.See“Underwriting”foradescriptionofthelock-upagreement. Thesellingshareholderhasgrantedtheunderwritersa30-dayoptionfromthedateofthisprospectustopurchaseupto3,913,042additionalsharesofourcommonstock.Suchsharesareofferedbythesellingshareholderattheinitialpublicofferingpricelistedonthecoverpageofthisprospectus,lessunderwritingdiscountsandcommissions. TheunderwritersexpecttodeliverthesharesonoraboutJanuary29,2025throughthebook-entryfacilitiesofTheDepositoryTrustCompany. MorganStanley BofASecuritiesGoldmanSachs&Co.LLC BarclaysCitigroup BNPPARIBASHSBCRaboSecuritiesBTIG PNCCapitalMarketsLLC ThedateofthisprospectusisJanuary27,2025. TableofContents TableofContents TableofContents TableofContents TableofContents TableofContents TableofContents TableofContents TABLEOFCONTENTS Page AboutthisProspectusiii ProspectusSummary1 TheOffering24 SummaryHistoricalConsolidatedFinancialandOtherInformation28 RiskFactors32 Forward-LookingStatements67 UseofProceeds69 DividendPolicy70 Capitalization71 Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations72 Business113 Management144 ExecutiveandDirectorCompensation153 CertainRelationshipsandRelatedPartyTransactions172 PrincipalandSellingShareholders178 DescriptionofCapitalStock180 SharesEligibleforFutureSale187 MaterialU.S.FederalIncomeTaxConsequencestoNon-U.S.Holders190 Underwriting193 LegalMatters207 Experts207 WhereYouCanFindMoreInformation207 IndextoFinancialStatementsF-1 i TableofContents We,thesellingshareholderandtheunderwritershavenotauthorizedanyonetoprovideanyinformationortomakeanyrepresentationsotherthanthosecontainedinthisprospectus,anyamendmentorsupplementtothisprospectusoranyfreewritingprospectuspreparedbyusoronourbehalf.We,thesellingshareholderandtheunderwriterstakenoresponsibilityfor,andcannotassureyouastothereliabilityof,anyotherinformationthatothersmaygiveyou.Thisprospectusisanoffertosellonlythesharesofourcommonstockofferedhereby,butonlyundercircumstancesandinjurisdictionswhereitislawfultodoso. Theinformationcontainedinthisprospectusiscurrentonlyasofthedateofthisprospectus,regardlessofthetimeofdeliveryofthisprospectusorofanysaleofsharesofourcommonstock.Ourbusiness,resultsofoperationsorfinancialconditionmayhavechangedsincethatdate. We,thesellingshareholderandtheunderwritershavenotdoneanythingthatwouldpermitthisofferingorpossessionordis