Seed innovation company Benson Hill announced today that following stockholder approval at its annual meeting, its board of directors has given the green light to a reverse stock split of its common stock, valued at $0.0001 per share. This reverse stock split will occur at a ratio of 1-for-35, consolidating every thirty-five outstanding shares into one. The company expects the split to take effect at 4:01 p.m. Eastern Time/3:01 p.m. Central Time today, with trading on the New York Stock Exchange reflecting the adjusted prices starting tomorrow, Friday, July 19, 2024.
The company’s shares will continue trading under the symbol “BHIL” with a new CUSIP number (082490202), while publicly traded warrants will maintain their trading under the symbol BHILW with the same CUSIP number (082490111).
This reverse stock split is primarily aimed at bringing Benson Hill into compliance with the NYSE’s listing requirements, which mandate that the average closing price of its common stock does not drop below $1.00 per share over any consecutive 30 trading-day period.
Post-split, the total number of Benson Hill’s outstanding common stock shares will decrease from approximately 213 million to about 6 million. However, the reverse stock split does not alter the number of authorized shares, the terms of the common stock, or the relative voting power of stockholders. It also does not affect the company’s operations, business, or reporting obligations to the SEC.
In lieu of issuing fractional shares, Benson Hill will compensate stockholders entitled to a fraction of a share with a cash payment equal to the closing price of its common stock on July 18, 2024, as reported on the NYSE, multiplied by the fractional share amount.
Following the split’s implementation, the number of shares of common stock available through the exercise or vesting of equity awards, options, and warrants, as well as their respective per share prices, will be adjusted in accordance with the terms of these securities and applicable equity incentive plans.
All shares of Benson Hill’s common stock are held in uncertificated form, meaning registered stockholders need not take any action to receive post-reverse stock split shares. Likewise, stockholders holding shares through nominees such as brokerage firms or banks will have their positions adjusted automatically, contingent upon the procedures of their respective brokers.
For further details regarding the reverse stock split, interested investors may refer to the Company’s Definitive Proxy Statement filed with the SEC on June 14, 2024, as amended or supplemented.
