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BENSON HILL CONFIRMS RECEIPT OF PRELIMINARY, NON-BINDING INDICATION OF INTEREST FROM ARGONAUTIC
Jun. 28, 2024
Source: Benson Hill news release
ST. LOUIS -- Benson Hill, Inc. (NYSE: BHIL, the "Company" or "Benson Hill"), a seed innovation company, today confirmed that it has received a preliminary, non-binding indication of interest from Argonautic Ventures Master SPC ("Argonautic"), on behalf of itself and other co-investors (collectively, the "Investor Group"), to acquire all of the outstanding shares of common stock of the Company not owned by the Investor Group or their affiliates for $0.2236 per share in cash. The indication of interest states that the Investor Group and their affiliates currently own approximately 16% of the outstanding shares of common stock of the Company and that the composition of the Investor Group may change.
The terms of any potential agreement between Benson Hill and Argonautic, or any other members of the Investor Group, would be contingent on certain conditions, including completion of a due diligence review and the negotiation of definitive transaction documents.
Benson Hill's Board of Directors has formed a special committee of independent directors (the "Transaction Committee") to review certain strategic alternatives. The Transaction Committee will carefully evaluate the indication of interest within the context of the Company's ongoing review of strategic alternatives. The Transaction Committee has retained Piper Sandler & Co. as its financial advisor and Foley Hoag LLP as its legal advisor.
No assurance can be given that the Transaction Committee or the Company will pursue a definitive transaction with respect to the indication of interest or any other potential transaction, or that any such transaction or other potential transaction will eventually be consummated. Benson Hill does not intend to make further announcements about any alternative that may be under evaluation unless and until Benson Hill's Board of Directors and/or the Transaction Committee has approved a specific transaction or otherwise determines that further disclosure is appropriate or necessary.
About Benson Hill
Benson Hill is a seed innovation company that unlocks nature's genetic diversity in soy quality traits through a combination of its proprietary genetics, its AI-driven CropOS® technology platform, and its Crop Accelerator. Benson Hill collaborates with strategic partners to create value throughout the agribusiness supply chain to meet the demand for better feed, food, and fuel. For more information, visit bensonhill.com or on X, formerly known as Twitter, at @bensonhillinc.
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