Benson Hill, Inc. announced the completion of its previously announced business combination with Star Peak Corp II. Concurrent with the closing, Star Peak changed its name to “Benson Hill, Inc.” Benson Hill’s common stock and warrants are expected to commence trading on the New York Stock Exchange under the ticker symbols “BHIL” and “BHIL.WS,” respectively, on September 30, 2021.
“Completing the business combination with Star Peak is a critical milestone on our journey to leverage our CropOS technology platform and our integrated business model to build a healthier and climate resilient food system,” said Matt Crisp, Chief Executive Officer of Benson Hill. “I am proud of the work accomplished by our great team at Benson Hill and the unwavering commitment from our investors and other stakeholders across the food value chain.”
“We are ready to begin the next phase of our growth with an expanded shareholder base. Since announcing this transaction, we have continued to build momentum and are taking bold and innovative actions to be the ‘picks and shovels’ of the rapidly growing plant-based food revolution. This event provides Benson Hill with more resources to deliver on our acceleration plan to shape the future of food with more sustainable, nutritious and affordable food choices for consumers.”
Mike Morgan, chairman of Star Peak, commented, “We are excited to complete this business combination with Benson Hill, a category-defining food-tech company that’s the first of its kind to go public. With its CropOS food innovation engine, well-capitalized balance sheet and pure-play ESG investment characteristics, Benson Hill is ideally positioned for rapid growth as it powers the plant-based food revolution and plays a near-term foundational role in meeting the fast-growing demand for plant-based meat alternatives. We look forward to our continued partnership with Matt and the exceptional Benson Hill team to drive significant long-term value for all stakeholders.”
Transaction Overview
The business combination was unanimously approved by Star Peak’s board of directors and approved by Star Peak stockholders at a Special Meeting on September 28, 2021.
The transaction provides approximately $319 million in gross proceeds to the Company including $94 million of cash from Star Peak’s former trust account and $225 million of cash from an oversubscribed and upsized fully committed common stock PIPE. Benson Hill intends to use the proceeds from the transaction to provide balance sheet strength and flexibility to attack large and growing domestic and international markets, extend leadership position and commercial scale in plant-based ingredients, invest in additional proprietary data for CropOS, expand product portfolio, and build synergistic channels and partnerships to accelerate growth and profitability. All of Benson Hill’s shareholders have rolled 100% of their ownership stakes into the new company.
Benson Hill’s current leadership team will lead the combined company, with Matt Crisp continuing as CEO. The newly combined company plans to expand its Board of Directors beginning with the appointment of Craig Rohr, Senior Managing Director at Magnetar Capital, a leading alternative asset manager with members serving as Star Peak Corp II’s sponsor.
