Benson Hill not in compliance with NYSE requirements

ST. LOUIS– Food innovation business Benson Hill, Inc. recently was alerted by the New York Stock Exchange that it is not in compliance with the NYSE’s ongoing listing requirements since the business’s stock rate has actually fallen listed below $1 per share for a successive 30-day trading duration. Benson Hill now has a six-month duration to restore compliance or face delisting from the NYSE.

Benson Hill started trading on the NYSE in February 2021 at $11 per share, however by October 2021 the stock’s rate had actually lost about 40% of its worth and was trading in the mid-$ 6 variety. A year after its launching, in February 2022, Benson Hill’s share rate was around $3 per share. The business’s share rate dipped listed below $1 for the very first time in early April 2023, and on Aug. 11, 2023, it closed at 86 cents per share. It has actually been listed below $1 since, reaching as low as 51 cents on Sept. 15.

” The business plans to think about a variety of readily available options to treat its non-compliance with the relevant rate requirements in the NYSE’s ongoing listing requirements,” Benson Hill stated. “In specific, as formerly revealed, the business is resolving a tactical evaluation procedure to speed up Benson Hill’s complete capacity and take advantage of its competitive benefits in innovation. Management anticipates to share an upgrade with financiers on development associated to this tactical evaluation, the strength of its exclusive item portfolio, and expense and liquidity enhancement efforts by late October.”

Benson Hill can restore compliance with the NYSE’s minimum share rate requirement whenever throughout the six-month remedy duration if, on the last trading day of any calendar month throughout the remedy duration or on the last day of the remedy duration, it has a close share rate of a minimum of $1 and a typical closing share rate of a minimum of $1 over the 30-day trading duration ending on the last trading day of that month, or on the last day of the remedy duration.

Benson Hill sustained a loss of more than $127 million in financial 2022 on incomes of $381.23 million, which compared to a loss of $126.25 million on incomes of $90.95 million in financial 2021. The business in mid-Junenamed Adrienne (Deanie) Elsner as interim chief executive officer to take control of for Matt Crisp.