ST. LOUIS, Sept. 13, 2021 /PRNewswire/ -- Benson
Hill, Inc. (the "Company" or "Benson Hill") a food tech company
unlocking the natural genetic diversity of plants with its
cutting-edge food innovation engine, today announced the expansion
of its ingredients infrastructure by entering into a
definitive agreement to purchase a soybean crushing facility from Seymour, Indiana-based Rose Acre Farms. This
investment represents a significant milestone in the
execution of the Company's growth plan, and will be funded through
the expansion of Benson Hill's debt facility with Western
Technology Investment.
Benson Hill's integrated supply chain strategy combines improved
crop innovation through its CropOS® technology platform
with traceable field to fork production. This acquisition
will further solidify the Company's position in the value chain to
support production of a robust portfolio of proprietary,
non-GMO, identity preserved and sustainable soy protein and oil
ingredients for the human food and animal feed markets.
"The acquisition of the Rose Acre Farms soybean
crushing facility represents an important next step in
the execution of our playbook for growth," said
Bruce Bennett, President,
Ingredients at Benson Hill. "This targeted investment can
ultimately provide the production capacity to deliver on our
integrated business model for commercialization and scaling of
our innovative soybean products, including Ultra-High Protein
soybean ingredients."
Recent data projects that the value of the global plant protein
market could surpass $162 billion by
2030. The facility will ultimately have the capacity to process
Benson Hill's proprietary soybean varieties to serve that market,
including the first commercial plantings of its Ultra-High Protein
soybeans, which will be harvested this fall. The Company
recently announced it exceeded its target to double
contracted soybean acres, delivering a 133 percent year-over-year
increase for the 2021 growing season. The facility will also
continue to serve existing customers.
"This milestone reflects continued momentum to advance our
vision for a more modern, resilient and sustainable food system,
starting with seed that is better from the beginning,"
said Matt Crisp, Chief
Executive Officer of Benson Hill. "Coupling production capacity
like this with genomic innovation unlocks enormous value for both
farmers and consumers beyond what has been possible through the
traditional commodity system."
"Rose Acre Farms remains committed to the local farming
community, a value Benson Hill shares. We are excited to have found
the right buyer for our soy processing assets in Benson Hill, a
company with which we have a great history of partnership," said
Tony Wesner, Chief Operating
Officer of Rose Acre Farms. "We look forward to continuing our
partnership with Benson Hill and believe they will continue to be a
valuable member of our community. We expect this transaction
will result in value to our local farmers, particularly as
opportunities for Benson Hill's network of farmer partners
continues to expand."
The transaction is subject to customary closing conditions, and
is expected to close by the end of September.
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 healthier, great-tasting food and ingredient
options that are both widely accessible and sustainable. More
information can be found at bensonhill.com or on
Twitter at @bensonhillinc.
On May 10, 2021, Benson Hill
announced a definitive business combination agreement with Star
Peak Corp II (NYSE: STPC). Upon the closing of the business
combination, Benson Hill will become publicly traded on the New
York Stock Exchange under the new ticker symbol "BHIL". Additional
information about the transaction can be viewed
at: https://bensonhill.com/investors/ or https://stpc.starpeakcorp.com/.
A Special Meeting to approve the pending business combination
between Star Peak and Benson Hill, among other items, has been
scheduled for September 28, 2021 at
11 a.m. ET. All stockholders as of
August 9, 2021 are encouraged to vote
their shares by September 27, 2021 at
11:59 p.m. ET. More information on
how to vote can be found at:
https://stpc.starpeakcorp.com/How-to-Vote/.
Additional Information
This communication is being made in respect of a proposed merger
(the "Merger") and related transactions (the "proposed
transactions") involving Star Peak and Benson Hill. The proposed
transactions will be submitted to stockholders of Star Peak for
their consideration and approval at a special meeting of
stockholders. In addition, Benson Hill will solicit written
consents from its stockholders for approval of the proposed
transactions. In connection with the proposed transactions, Star
Peak has filed a Registration Statement on Form S-4 (the
"Registration Statement") with the Securities and Exchange
Commission (the "SEC"), which includes a proxy statement to be
distributed to Star Peak stockholders in connection with Star
Peak's solicitation for proxies for the vote by Star Peak's
stockholders in connection with the proposed transactions and other
matters as described in such Registration Statements and a
prospectus relating to the offer of the securities to be issued to
Benson Hill's stockholders in connection with the completion of the
Merger. After the Registration Statement has been declared
effective, Star Peak will mail a definitive proxy statement /
prospectus and other relevant documents to its stockholders as of
the record date established for voting on the proposed
transactions. Investors, Star Peak's stockholders and other
interested parties are advised to read, when available, the
preliminary proxy statement, and any amendments thereto, and the
definitive proxy statement in connection with Star Peak's
solicitation of proxies for its special meeting of stockholders to
be held to approve the proposed transaction because the proxy
statement / prospectus will contain important information about the
proposed transaction and the parties to the proposed transaction.
Stockholders will also be able to obtain copies of the proxy
statement / prospectus, without charge, once available, at the
SEC's website at www.sec.gov or by directing a
request to: Star Peak Corp II, 1603 Orrington Avenue, 13th Floor,
Evanston, Illinois 60201.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
Participants in the Solicitation
Star Peak and Benson
Hill and their respective directors, executive officers, other
members of management, and employees, under SEC rules, may be
deemed to be participants in the solicitation of proxies of Star
Peak's stockholders in connection with the proposed transaction.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies in connection
with the proposed transaction, including a description of their
direct or indirect interests, by security holdings or otherwise, is
set forth in the Registration Statement that has been filed with
the SEC by Star Peak, which includes the proxy statement /
prospectus for the proposed transaction. Information regarding the
directors and executive officers of Star Peak is contained in Star
Peak's filings with the SEC, and such information is also in the
Registration Statement that has been filed with the SEC by Star
Peak, which includes the proxy statement / prospectus for the
proposed transaction.
Forward-Looking Statements
Certain statements in this communication may be considered
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events or Star Peak's or Benson Hill's future
financial or operating performance. These forward-looking
statements include, but are not limited to, statements regarding
estimates and forecasts of other financial and performance metrics
and projections of market opportunity. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"should," "expect," "intend," "will," "estimate," "anticipate,"
"believe," "predict," or the negatives of these terms or variations
of them or similar terminology. Such forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. These forward-looking
statements are based upon estimates and assumptions that, while
considered reasonable by Star Peak and its management, and Benson
Hill and its management, as the case may be, are inherently
uncertain factors that may cause actual results to differ
materially from current expectations include, but are not limited
to: 1) the occurrence of any event, change or other circumstances
that could give rise to the termination of the definitive merger
agreement with respect to the business combination; 2) the outcome
of any legal proceedings that may be instituted against Star Peak,
the combined company or others following the announcement of the
business combination and any definitive agreements with respect
thereto; 3) the inability to complete the business combination due
to the failure to obtain approval of the stockholders of Star Peak,
to obtain financing to complete the business combination or to
satisfy other conditions to closing; 4) changes to the proposed
structure of the business combination that may be required or
appropriate as a result of applicable laws or regulations or as a
condition to obtaining regulatory approval of the business
combination; 5) the ability to meet the New York Stock Exchange's
listing standards following the consummation of the business
combination; 6) the risk that the business combination disrupts
current plans and operations of Benson Hill as a result of the
announcement and consummation of the business combination; 7) the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; 8) costs
related to the business combination; 9) changes in applicable laws
or regulations; 10) the possibility that Benson Hill or the
combined company may be adversely affected by other economic,
business and/or competitive factors; 11) Benson Hill's estimates of
its financial performance; 12) the impact of the COVID-19 pandemic
and its effect on business and financial conditions; and 13) other
risks and uncertainties set forth in the sections entitled "Risk
Factors" and "Cautionary Note Regarding Forward-Looking Statements"
in Star Peak's Annual Report on Form 10-K for the year ended
December 31, 2020, filed with the SEC
on March 31, 2021, in the
Registration Statement containing the proxy statement / prospectus
relating to the proposed business combination, and other documents
filed or to be filed with the SEC by Star Peak. Nothing in this
communication should be regarded as a representation by any person
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. There may be additional risks
that Star Peak and Benson Hill presently do not know or that Star
Peak and Benson Hill currently believe are immaterial that could
also cause actual results to differ from those contained in the
forward-looking statements. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Neither Star Peak nor Benson Hill undertakes any duty to
update these forward-looking statements, except as otherwise
required by law.
Media Contact
Benson Hill
Melanie Bernds
314-605-6363
mbernds@bensonhill.com
Media Kit
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SOURCE Benson Hill
