CREVE COEUR — Benson Hill, the financially embattled Creve Coeur-based “food tech” company, received a preliminary offer from an investment group to acquire the company’s outstanding shares.
An investor group led by Argonautic Ventures Master SPC owns about 16% of the company’s shares, Benson Hill said in a statement. The group has indicated an interest in acquiring the remaining common stock for $0.2236 per share, cash — a 35% premium on the company’s Monday closing share price.
Benson Hill’s board has formed a special committee to review the company’s options. According to a regulatory filing, earlier this year a California-based investor group, Grosvenor Food and AgTech, also explored a possible transaction with Benson Hill.
Benson Hill was once a talking point for boosters of St. Louis’ startup community. It was founded in North Carolina but lured here in 2013 by the region’s agtech scene. The company grew fast — in 2018 it secured $60 million in a funding round led by Alphabet’s venture capital arm, Google Ventures.
People are also reading…
Benson Hill went public in 2021 at a value of $1.35 billion, becoming St. Louis’ first ag-tech unicorn. It did so by merging with a shell company, an IPO method that has since fallen out of favor.
Benson Hill shares fell steadily since the company’s market debut. Co-founder Matt Crisp resigned as CEO last year.
The company grew its revenues last year, but still posted a $115 million loss. Executives said earlier this month that they had sold assets and planned to explore other changes over the course of the year.
In a letter to shareholders, CEO Deanie Elsner said the company was “actively pursuing” capital to fund Benson Hill’s operations through 2025.
Riverence, an aquaculture company that raises trout for their meat, uses soy to help feel its fish, like these in Idaho. Riverence has a deal to buy specialized soy ingredients from Benson Hill, the St. Louis “food tech” company. Video by Bryce Gray, Post-Dispatch.