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Benson Hill has successfully completed its business combination with Star Peak Corp II, resulting in the company now trading under the ticker BHIL on the NYSE as of September 30, 2021. This transaction generates approximately $320 million in gross proceeds, enhancing Benson Hill's capacity for growth in the plant-based food sector. The company aims to leverage its CropOS® technology platform for innovation in sustainable food production, and has reported a 28% increase in revenue to $39.7 million for Q2 2021, indicating strong momentum.
Star Peak Corp II (NYSE: STPC) announced that approximately 98.7% of stockholders approved its business combination with Benson Hill, Inc., a food technology company. This significant vote, representing 77% of Star Peak's outstanding shares as of August 9, 2021, took place on September 28, 2021. The merger is expected to close on September 29, 2021, with trading under the new ticker symbol 'BHIL' commencing on September 30, 2021. This move positions Benson Hill to leverage its CropOS platform, enhancing its market footprint in the sustainability sector.
Benson Hill has successfully completed the acquisition of a soybean crushing facility located in Seymour, Indiana. Announced on September 13, 2021, this strategic investment is designed to enhance the Company's capacity to produce proprietary, non-GMO, and sustainable soybean ingredients for both human consumption and animal feed. The facility is set to process Benson Hill’s Ultra-High Protein soybeans, with commercial plantings expected to be harvested this fall. This move positions Benson Hill for growth in the plant-based ingredient market.
Benson Hill, a food tech company, announced the acquisition of a soybean crushing facility from Rose Acre Farms in Seymour, Indiana. This strategic investment aims to enhance Benson Hill's ingredients infrastructure and will be financed through the expansion of its debt facility. The acquisition will support the production of sustainable, high-value, non-GMO soybean ingredients for human food and animal feed markets. With expectations for substantial growth in the global plant protein market projected to exceed $162 billion by 2030, this facility will bolster Benson Hill's integrated supply chain and production capacity.
Benson Hill, a food technology company, will host a webcast for retail investors on September 17, 2021, ahead of its anticipated merger with Star Peak Corp II (NYSE: STPC). The merger is expected to finalize by September 28, 2021, pending stockholder approval. Benson Hill is utilizing the Say Connect platform to enhance investor engagement, allowing retail investors to submit questions before the webcast. This initiative emphasizes the company's commitment to transparency and accessibility as it prepares for its public listing under the ticker symbol BHIL.
Star Peak Corp II (NYSE: STPC) has received SEC approval for its merger with Benson Hill, Inc., a food technology company. The Special Meeting for stockholders to vote on this transaction is scheduled for
Stockholders can vote until
Benson Hill launched an advanced yellow pea breeding program aimed at enhancing the plant-based protein market. This initiative will develop non-GMO yellow pea varieties with better taste and higher protein content, potentially reducing processing costs. The yellow pea market is projected to reach $140 billion by 2029. The company has established a breeding station in North Dakota and is leveraging its CropOS® platform for innovation. This program aligns with Benson Hill's growth strategy in the food tech sector.
Benson Hill announced strong Q2 2021 results with revenues at $39.7 million, a 28% increase year-over-year. Adjusted gross profit reached $2.8 million (7% of sales), despite a reported net loss of $27.4 million. The Ingredients Segment saw a 64% revenue increase, driven by the commercialization of its proprietary soybean products. Additionally, the company has contracted 70,000 acres of soybeans for planting, a 133% growth. A merger with Star Peak Corp II is expected to finalize in Q3 2021, providing the combined entity with gross proceeds of $625 million.
