St. Louis-based agtech startup Benson Hill is a step closer to closing its deal to become a publicly traded company.
Star Peak Corp II, the Evanston, Illinois-based special purpose acquisition company (SPAC) with which Benson Hill will merge, has scheduled a shareholder meeting for Sept. 28 to vote on approval of the deal. Benson Hill and Star Peak said Thursday their registration statement for the proposed business combination was deemed effective by the U.S. Securities and Exchange Commission.
Founded in 2012, Benson Hill, which describes itself as a "food tech company," has developed its CropOS technology that uses data science, artificial intelligence and machine learning to help improve crop varieties with better accuracy, nutritional value and sustainability than traditional breeding methods.
Star Peak and Benson Hill in May announced their $2 billion deal, which they said will value Benson Hill at about $1.35 billion and generate $625 million in cash proceeds. The business combination, which is expected to close soon after the Sept. 28 shareholder meeting, will result in Benson Hill trading on the New York Stock Exchange with the ticker “BHIL.”
“We are excited to enter the final phase of our merger process and deliver on the upside potential of our cutting-edge technology and a unique go-to-market business model,” said Matt Crisp, co-founder and CEO of Benson Hill. “Since announcing the transaction with Star Peak in May, we’ve continued to take bold steps to deliver on our strategic, operating and financial objectives. The momentum we are building establishes a solid foundation for our continued growth through our innovations in the seed to create food, feed and ingredients we provide as the ‘picks and shovels’ of the plant-based revolution.”
In August, Benson Hill reported its most recent financial results, saying it had $39.7 million in revenue for the quarter ended June 30. The company’s revenue was up 28% year over year and included $22.7 million in revenue for its ingredients division and $16.9 million for its fresh segment, which focuses on commercializing healthier fresh produce. Benson Hill reported its net loss for the quarter was $27.4 million, up from $12.7 million a year ago.
Another St. Louis-based company, Nerdy, the parent company of edtech firm Varsity Tutors, is also expected to soon close its deal with a SPAC. TPG Pace Tech Opportunities, the SPAC with which Nerdy will combine, has scheduled a shareholder meeting for Sept. 14 to vote on approval of that deal.
