Cal-Maine proposes secondary offering of common stock

Cal-Maine Foods has announced an underwritten public offering of 6 million shares of its common stock by Jean Reed Adams, the wife of the company’s late founder, Fred R. Adams, Jr., and a trust of which their four daughters, Luanne Adams, Nancy Adams Briggs, Laurel Adams Krodel, and Dinnette Adams Baker, are beneficiaries.

Phongphan | Bigstock.com
Phongphan | Bigstock.com

Cal-Maine Foods has announced an underwritten public offering of 6 million shares of its common stock by Jean Reed Adams, the wife of the company’s late founder, Fred R. Adams, Jr., and a trust of which their four daughters, Luanne Adams, Nancy Adams Briggs, Laurel Adams Krodel, and Dinnette Adams Baker, are beneficiaries.

The offering is subject to market conditions and other factors.

According to a press release from Cal-Maine Foods, the largest egg company in the world, the selling stockholders are also expected to grant the underwriters of the offering an option to purchase within 30 days up to an additional 900,000 shares or common stock, if any.

BofA Securities is acting as lead book-running manager and representative of the underwriters for the offering. Stephens Inc. is also acting as a book-running manager for the offering. Cal-Maine Foods is not selling any shares of common stock in the offering, and the company will not receive any proceeds from the offering by the selling stockholders. The selling stockholders have informed Cal-Maine Foods that they are selling the above shares to pay estate taxes resulting from Adams’ passing, and to generate liquidity.

A registration statement (including prospectus) relating to these securities was filed with and declared effective by the Securities and Exchange Commission (SEC). Information about the offering is available in the preliminary prospectus supplement filed by the company with the SEC today. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained via email by contacting BofA Securities, [email protected].

The offering of these securities is being made solely by means of a prospectus supplement and the accompanying prospectus.

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