Completes Business Combination with Star Peak Corp II
Summary
I am proud of the work accomplished by our great team at Benson Hill and the unwavering commitment from our investors and other stakeholders across the food value chain.We are ready to begin the next phase of our growth with an expanded shareholder base. Since announcing this transaction, we have continued to build momentum and are taking bold and innovative actions to be the picks and shovels of the rapidly growing plant-based food revolution. We look forward to our continued partnership with Matt and the exceptional Benson Hill team to drive significant long-term value for all stakeholders.Transaction OverviewThe business combination was unanimously approved by Star Peaks board of directors and approved by Star Peak stockholders at a Special Meeting on September 28, 2021.The transaction provides approximately $319 million in gross proceeds to the Company including $94 million of cash from Star Peaks former trust account and $225 million of cash from an oversubscribed and upsized fully committed common stock PIPE.Benson Hill intends to use the proceeds from the transaction to provide balance sheet strength and flexibility to attack large and growing domestic and international markets, extend leadership position and commercial scale in plant-based ingredients, invest in additional proprietary data for CropOS\xae, expand product portfolio, and build synergistic channels and partnerships to accelerate growth and profitability. The Company is beginning to commercialize a portfolio of proprietary soybean seeds and products that are higher in protein, have the benefits of omega-9 fatty acids, and low anti-nutrients; Delivered 133% growth in proprietary soybean acres 70,000 contracted acres for 2021 crop year exceeded target of 60,000 acres; Launched advanced yellow pea breeding and commercialization program, shortening the development cycle for proprietary genomic innovation in one of the fastest growing protein sources for plant-based meat alternatives; Launched the Food System Innovators program, expanding collaboration with farmers to leverage advanced innovative technologies and optimize outcomes using the Companys proprietary CropOS\xae platform; Crop Accelerator on track to open by the end of 2021, which is expected to enable breeding cycle times up to two times faster than traditional cropping methods.1 Benson Hill sold a non-core barley business in late 2020, which generated revenues of $4 million in Q22020. Benson Hill empowers innovators to unlock natures genetic diversity from plant to plate, with the purpose of creating nutritious, great-tasting food and ingredient options that are both widely accessible and sustainable.