Benson Hill Receives Continued Listing Standard Notice From NYSE
16 September 2023 - 7:08AM
Business Wire
The Company intends to cure the deficiency and
return to compliance with NYSE listing standards.
Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”),
a food tech company unlocking the natural genetic diversity of
plants, today announced that on Sept. 13, 2023, it received a
notice (the “Notice”) from the New York Stock Exchange (the “NYSE”)
notifying the Company that it is not in compliance with the NYSE’s
continued listing standards because as of Sept. 12, 2023, the
average closing price of the Company’s Common Stock, was less than
$1.00 per share over a consecutive 30 trading-day period. The
Notice does not result in the immediate delisting of the Company’s
Common Stock from the NYSE.
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Benson Hill (Graphic: Business Wire)
The Company intends to respond to the NYSE within ten business
days of receipt of the Notice affirming its intent to cure the
deficiency. Pursuant to the NYSE’s rules, the Company has a
six-month period following receipt of the Notice to regain
compliance with the NYSE’s minimum share price requirement.
The Company intends to consider a number of available
alternatives to cure its non-compliance with the applicable price
criteria in the NYSE’s continued listing standards. In particular,
as previously announced, the Company is working through a strategic
review process to accelerate Benson Hill’s full potential and
leverage its competitive advantages in technology. Management
expects to share an update with investors on progress related to
this strategic review, the strength of its proprietary product
portfolio, and cost and liquidity improvement initiatives by late
October.
The Company can regain compliance with the minimum share price
requirement at any time during the six-month cure period if, on the
last trading day of any calendar month during the cure period or on
the last day of the cure period, the Company has (i) a closing
share price of at least $1.00, and (ii) an average closing share
price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month, or on the last day of the cure
period, as applicable.
The Company’s Common Stock will continue to be listed and traded
on the NYSE during this period, subject to its compliance with
other NYSE continued listing standards. The receipt of the Notice
does not affect the Company’s business, operations or reporting
requirements with the Securities and Exchange Commission.
About Benson Hill
Benson Hill moves food forward with the CropOS® platform, a
cutting-edge food innovation engine that combines data science and
machine learning with biology and genetics. Benson Hill empowers
innovators to unlock nature’s genetic diversity from plant to
plate, with the purpose of creating nutritious, great-tasting food
and ingredient options that are both widely accessible and
sustainable. More information can be found at bensonhill.com or on
X, formerly known as Twitter, at @bensonhillinc.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events or the Company’s
future financial or operating performance and may be identified by
words such as “may,” “should,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” or similar words.
These forward-looking statements are based upon assumptions made by
the Company as of the date hereof and are subject to risks,
uncertainties, and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements
include, among other things, statements regarding the Company’s
intent, consideration of alternatives, and ability, to cure the
deficiency set forth in the Notice and for its equity securities to
remain listed on the NYSE, statements regarding the execution of
the Company’s business plan and its exploration of strategic
alternatives, statements about the anticipated benefits of the
company’s strategic review process and statements regarding the
expected timing of that process and the Company’s plans and
expected timing to update investors on progress related to this
strategic review. Factors that may cause actual results to differ
materially from current expectations and guidance include, but are
not limited to, risks associated with regaining compliance with the
NYSE’s minimum share price requirement, risks associated with the
Company’s strategic review process, the timing and any updates
related to that review, and the Company’s ability to execute on the
results of that process, and the risks and uncertainties set forth
in the sections entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in our filings with the
Securities and Exchange Commission, which are available on its
website at www.sec.gov. Nothing in this press release should be
regarded as a representation that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved,
including without limitation, any expectation that we will regain
compliance with Section 802.01C and any expectations about our
operational and financial performance or achievements. There may be
additional risks about which the Company is presently unaware or
that the Company currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. The reader should not place undue
reliance on forward-looking statements, which speak only as of the
date they are made. The Company expressly disclaims any duty to
update these forward-looking statements, except as otherwise
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230915483481/en/
Investors: Ruben Mella: (314) 714-6313 / rmella@bensonhill.com
Media: Christi Dixon: (636) 359-0797 / cdixon@bensonhill.com
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