Benson Hill Faces NYSE Non-Compliance Notice Over Share Price

Key Takeaways

1. Benson Hill, Inc. received a notice from the New York Stock Exchange (NYSE) for not meeting the continued listing standards due to its average closing share price being less than $1.00 over a 30-day trading period.
2. The company has ten business days to respond to the NYSE and affirm its intent to cure the deficiency.
3. Benson Hill has a six-month period to regain compliance with the NYSE’s minimum share price requirement.
4. The company is undergoing a strategic review to leverage its competitive advantages in technology and expects to update investors by late October.
5. The notice does not result in immediate delisting or affect the company’s business, operations, or SEC reporting requirements.

Benson Hill, Inc., a food tech company specializing in unlocking the natural genetic diversity of plants, announced that it has received a non-compliance notice from the New York Stock Exchange (NYSE). The notice states that the company’s average closing share price was less than $1.00 per share over a consecutive 30 trading-day period as of September 12, 2023.

Read More Benson Hill Unveils Second Annual ESG Report

Non-Compliance and Response

The NYSE notice does not result in the immediate delisting of Benson Hill’s Common Stock. The company plans to respond to the NYSE within ten business days, affirming its intent to cure the deficiency. According to NYSE rules, Benson Hill has a six-month period following the receipt of the notice to regain compliance with the exchange’s minimum share price requirement.

Strategic Review and Future Plans

Benson Hill is currently undergoing a strategic review to accelerate its full potential and leverage its competitive advantages in technology. The company’s management expects to share an update on this strategic review, the strength of its proprietary product portfolio, and initiatives for cost and liquidity improvement by late October.

Read More Benson Hill Reports Its Financial Results For 2022

Regaining Compliance

The company can regain compliance with the NYSE’s minimum share price requirement during the six-month cure period. To do so, it must have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of any calendar month during the cure period or on the last day of the cure period.

Image provided by Benson Hill