Benson Hill does not adhere to NYSE regulations.
The New York Stock Exchange alerted Benson Hill, Inc., a food technology business, this week that it was not adhering to the NYSE’s continued listing rules since the company’s stock price had dropped below $1 per share for a continuous 30-day trading period. Benson Hill now has six months to get back into compliance, failing which the NYSE may delist him.
In February 2021, Benson Hill started trading on the New York Stock Exchange (NYSE) at a price of $11 per share. However, by October 2021, the stock had lost around 40% of its value and was trading between $6 and $7. In February 2022, a year following its launch, Benson Hill’s share price hovered at $3 per share. Early in April 2023, the company’s share price fell below $1. It closed at 86¢ per share on August 11, 2023. Since then, it has remained below $1, falling as low as 51¢ on September .
“The company plans to evaluate several feasible options to address its non-adherence to the relevant pricing standards in the NYSE’s ongoing listing guidelines,” stated Benson Hill. Specifically, as previously disclosed, the business is implementing a strategic review procedure to maximize Benson Hill’s potential and capitalize on its technological advantages. By the end of October, management plans to provide investors with an update on the status of this strategic assessment, the strength of its exclusive product portfolio, and actions to enhance costs and liquidity.
If, on the last trading day of any calendar month during the cure period or on the last day of the cure period, Benson Hill has a close share price of at least $1 and an average closing share price of at least $1 over the 30-day trading period ending on the last trading day of that month, or on the last day of the cure period, it can regain compliance with the NYSE’s minimum share price requirement at any time during the six-month cure period.
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In fiscal 2022, Benson Hill lost almost $127 million on revenues of $381.23 million, as opposed to $126.25 million on revenues of $90.95 million in fiscal 2021. To replace Matt Crisp, the business chose Adrienne (Deanie) Elsner acting chief executive officer in mid-June.