If Raízen's common shares (RAIZ4) are not appearing in your brokerage account, the trading freeze announced today is not the cause: it applies exclusively to the company's debt instruments (debentures and CRAs)—not to its common shares. In a filing submitted to Brazil's securities regulator, the CVM, on November 3, 2026, Raízen S.A. announced the opening of the Payment Option Election Period under its out-of-court reorganization plan, which was approved by the courts in July. Creditors have until December 3 to register their choices.
What Happened to RAIZ4?
Raízen S.A. announced today that it has made the Election Materials available on its investor relations website, marking the start of the Election Period outlined in the out-of-court reorganization plan approved in July. Creditors have until December 3, 2026, at 7:00 p.m. Brasília time, to register which payment method they accept from the options provided in the plan.
RAIZ4 shares closed the last available trading session on October 30, 2026, at R$ 0.31—up 10.71% on that day, but down 67.02% over the preceding 12 months. The market announcement did not mention any access restrictions on the shares; the freeze applies specifically to debt instruments. If the stock does not appear on your trading platform, your broker is the appropriate channel to clarify the specific restriction.
What Are Creditors Deciding Now, and Why Does the Election Shape the Outcome?
Out-of-court reorganization is a debt restructuring negotiated with creditors outside traditional bankruptcy proceedings, but backed by the judiciary. The plan approved in July established the terms—offering different payment options for Raízen's debts—and creditors must now formally choose which option they accept. The outcome of this election will determine the final profile of the restructured debt, including maturities, interest rates, and potential equity conversion. The market announcement does not detail the options themselves; those specifics are found in the election materials published on Raízen's investor relations website and in the CVM's ENET system.
For Agribusiness Receivables Certificates (CRAs), the decision is collective: the securitization company selects the option on behalf of all creditors in that class. Individual retail investors who hold Raízen CRAs do not need to act independently. For national debentures, the fiduciary agent votes on behalf of all debenture holders, except for those who previously informed the agent of their intention to vote individually, as provided in the election materials.
What Stops Trading on the B3 Between December 1 and March 31?
The B3 exchange will freeze "National Capital Markets Subject Credits" in its registries and custody systems during the freeze period, in accordance with Clause 4.2.2 of the plan. In practice, the exchange will not process trades, sales, assignments, transfers, lending, or any other form of disposition of these instruments between December 1, 2026, and March 31, 2027.
The rationale is operational: while payment options are being executed, these credits cannot circulate freely in the secondary market. Investors who bought Raízen debentures or CRAs and hold them in custody at the B3 should expect these securities to be locked up for four months. The freeze lifts automatically on March 31, 2027.
Are RAIZ4 Shares Caught in the Freeze?
No. The text of the market announcement is explicit: the freeze applies to "National Capital Markets Subject Credits," which refer to debt instruments (debentures and CRAs). Common shares represent equity participation in the company, not a debt claim against it, and are not included in the freeze period. The filing contains no mention of restrictions on the shares.
The stock's sharp decline (why RAIZ4 fell in October) and Fitch's downgrade of Raízen to restricted default reflect the same credit deterioration that led to the restructuring plan, but they did not result in a share trading freeze. Rico aos Poucos assigns RAIZ4 a quality rating of 3.1 out of 10, reflecting the company's current fundamentals.
Today's announcement does not alter dividends, share ownership structure, or short-term cash flow. For common shareholders, the impact is indirect: if the election results in debt restructuring under the terms of the plan, Raízen will conclude the process with a rescheduled financial liability profile, improving its medium-term solvency outlook. The concrete impact on the stock will arrive with the announcement of the election results and the subsequent financial statements, which will reflect the final terms agreed upon with creditors.
December 3, 2026 — Election Period Closes Monitor the CVM's ENET system for a market announcement confirming the results. The Raízen Group may extend the deadline, but the baseline cutoff is 7:00 p.m. Brasília time.
Before December 1 — Notice for Holders of Raízen Debt on the B3 Debenture holders who wish to vote individually rather than through the fiduciary agent must have notified the agent in advance, according to the election materials. Starting December 1, these credits will be locked against any movement until March 31, 2027.
Election Results and Post-Restructuring Financials — The Real Catalyst for the Stock The impact on common shareholders will be visible in Raízen's financial results following the conclusion of the process. That is where the effect on liabilities and cash flow will become clear.