Benson Hill, Inc. (NYSE: BHIL) has announced a one-for-thirty five (1-for-35) reverse stock split, approved by the company's board of directors following stockholder approval at the annual meeting. The reverse stock split took effect at 4:01 p.m. Eastern Time/3:01 p.m. Central Time on July 18, 2024.
Following the reverse stock split, the total number of shares of common stock issued and outstanding has been reduced from approximately 213 million to approximately 6 million. This means that each thirty five (35) outstanding shares of pre-split common stock have been automatically combined and reclassified into one (1) share of post-split common stock.
The company anticipates that the reverse stock split will likely increase the common stock’s per share stock price by roughly the same factor. Additionally, the number of shares of common stock issuable upon exercise or vesting of outstanding equity awards, options and warrants, and the per share exercise or purchase price related thereto, if any, will be equitably adjusted in accordance with the terms of such securities and applicable equity incentive plans.
It's important to note that the reverse stock split does not change the number of authorized shares of common stock, the terms of the common stock, or the relative voting power of the company’s stockholders. Additionally, the reverse stock split does not otherwise affect the company’s business, operations, or reporting requirements with the Securities and Exchange Commission (SEC).
For further details on the reverse stock split, investors are encouraged to refer to the company’s definitive proxy statement filed with the SEC on June 14, 2024, as amended or supplemented, available on the SEC’s website at www.sec.gov.
Benson Hill, Inc. is a seed innovation company that unlocks nature’s genetic diversity in soy quality traits through a combination of its proprietary genetics, its AI-driven CropOS® technology platform, and its Crop Accelerator. The company collaborates with strategic partners to create value throughout the agribusiness supply chain to meet the demand for better feed, food, and fuel. The market has reacted to these announcements by moving the company's shares 5.6% to a price of $6.8. For more information, read the company's full 8-K submission here.
