Benson Hill, a U.S.-based food technology company that uses data science to selectively and rapidly breed plants for specific traits, received a notice from the New York Stock Exchange (NYSE) notifying it that it is not in compliance with the NYSE’s continued listing standards.
NYSE noted as of September 12, 2023, the average closing price of the company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the company’s common stock from the NYSE.
In a statement, Benson Hill said it intends to respond to the NYSE within 10 business days affirming its intent to cure the deficiency. Pursuant to the NYSE’s rules, the company has a six-month period following receipt of the notice to regain compliance with the NYSE’s minimum share price requirement.
The company said it intends to consider a number of available alternatives to cure its noncompliance with the applicable price criteria in the NYSE’s continued listing standards. In particular, 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 minimum share price requirement at 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, the company has (1) a closing share price of at least $1.00 and (2) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period as applicable.
The company’s common stock will continue to be listed and traded on the NYSE during this period, subject to its compliance with other NYSE continued listing standards. The receipt of the notice does not affect the company’s business, operations or reporting requirements with the Securities and Exchange Commission.
