Pioneering food tech company Benson Hill saw a significant surge in its stock value today after unveiling ambitious plans to enter the broadacre animal feed markets. At market open, Benson Hill’s stock was priced at $0.26, but as of the time of this report, it has risen to $0.47.
At the time of this publication,Benson Hill Inc stock (BHIL) has witnessed a surge.
Benson Hill Inc
Current Price: $0.47
Change : +0.21
Change (%): (84.84%)
Volume: 11.1M
Source: Tomorrow Events Market Data
To bolster its financial standing and facilitate the execution of its corporate strategy, the company’s management is intensifying the scope of its Liquidity Improvement Plan. This comprehensive initiative is projected to result in a substantial $33 million reduction in operating expenses by 2024, with further reductions anticipated in both operating expenses and capital expenditures down the line.
Negotiations are presently underway for the divestment of the company’s processing facilities. An agreement has already been finalized for the sale of the soy crush facility in Seymour, Indiana, fetching an estimated total gross proceeds of $36 million, subject to working capital and other adjustments.
Benson Hill recently concluded an external analysis of several non-GMO, Ultra-High Protein low oligosaccharide (“UHP-LO”) commercial soybean varieties. The analysis confirmed novel value-added attributes for poultry diets, swine rations, and pet food.
Moreover, Benson Hill foresees an expansion of its UHP-LO soybean portfolio in the near future, incorporating herbicide-tolerant and second-generation seed varieties within the next two to three years. This strategic move aims to strengthen the company’s competitive edge and broaden its market presence, encompassing diverse geographies and end markets, including expansive U.S. feed markets covering approximately 28 million acres. Ongoing studies and feeding trials with external parties are underway as the 2023 crop emerges from the field.
In tandem with this pivotal announcement, the Board of Directors swiftly appointed Elsner to the position of Chief Executive Officer, effective immediately. Having previously served as Interim CEO since June, Elsner brings a wealth of experience and a proven track record to lead Benson Hill through this transformative phase.
Stock performance of Benson Hill:
– 5 Day: +166.88%
– 1 Month: +40.00%
– 3 Month: -66.38%
– YTD: -83.25%
– 1 Year: -85.77%
