ST. LOUIS, MISSOURI, US — Food technology company Benson Hill, Inc. last week was notified by the New York Stock Exchange that it is not in compliance with the NYSE’s continued listing standards because the company’s stock price has fallen below $1 per share for a consecutive 30-day trading period. Benson Hill now has a six-month period to regain compliance or face delisting from the NYSE.
Benson Hill began trading on the NYSE in February 2021 at $11 per share but by October 2021 the stock’s price had lost about 40% of its value and was trading in the mid-$6 range. A year after its debut, in February 2022, Benson Hill’s share price was around $3 per share. The company’s share price dipped below $1 for the first time in early April 2023, and on Aug. 11, 2023, it closed at 86¢ per share. It has been below $1 ever since, reaching as low as 51¢ on Sept. 15.
“The company intends to consider a number of available alternatives to cure its non-compliance with the applicable price criteria in the NYSE’s continued listing standards,” Benson Hill said. “In particular, as previously announced, the company is working through a strategic review process to accelerate Benson Hill’s full potential and leverage its competitive advantages in technology. Management expects to share an update with investors on progress related to this strategic review, the strength of its proprietary product portfolio, and cost and liquidity improvement initiatives by late October.”
Benson Hill can regain compliance with the NYSE’s minimum share price requirement any time during the six-month cure period if, on the last trading day of any calendar month during the cure period or on the last day of the cure period, it has a closing 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.
Benson Hill sustained a loss of more than $127 million in fiscal 2022 on revenues of $381.23 million, which compared with a loss of $126.25 million on revenues of $90.95 million in fiscal 2021. The company in mid-June named Adrienne (Deanie) Elsner as interim chief executive officer to take over for Matt Crisp.