Benson Hill is going public by merging with a special-purpose acquisition company in a deal that values the plant-growing technology firm at $2 billion, the companies said
Benson Hill Inc. is going public by merging with a special-purpose acquisition company in a deal that values the plant-growing technology firm at $2 billion, the companies said.
The operator of a platform that uses machine learning, simulations and genetics to optimize plant growth, Benson Hill is combining with the SPAC Star Peak Corp. II . Benson Hill says it can develop breeds of crops like soybeans and yellow peas that mature faster, have higher protein content or taste better, saving growers time and resources., and the company is also developing products for animal feed.
The St. Louis-based company expects to begin commercial production of its ultrahigh-protein soybean by next year and is developing a yellow-pea protein concentrate. It also has a unit that sells fresh produce to grocery stores and food distributors. The roughly $625 million in expected cash proceeds from the deal will accelerate Benson Hill’s bid to bring down plant-based food costs, Chief Executive Matt Crisp said in an interview.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SoftBank-backed mortgage lender Better is going public via $7.7 billion SPACDigital mortgage lender Better will make its market debut by merging with Aurora Acquisition Corp., valuing the company at $7.7 billion.
Read more »
Digital media companies pump the brakes on their rush to go public as SPAC market coolsDreams of going public in January and February have been put on hold for digital media companies as SPACs dry up and investors become more conservative.
Read more »
SPAC mergers ask for forgiveness not permissionTwo new deals show worrying habits remain the norm. Smart-truck company Plus barely has revenue; crop-tech firm Benson Hill touts financial projections going out to 2027. The SEC says it’s examining SPACs, but until it acts the companies have no reason to do anything differently.
Read more »
Oprah-backed Oatly seeks $10 billion valuation in U.S. IPOOprah Winfrey-backed vegan milk maker Oatly is aiming for a valuation of about $10 billion in a U.S. initial public offering, following increasing consumer demand for plant-based dairy.
Read more »