Star Peak Corp. II (NYSE:STPC) announced in an 8-K filing this morning that its shareholders approved its combination with food technology company Benson Hill at a shareholder vote held yesterday, but saw significant redemptions like many of its peers this month.
A total of 30,781,843 shares were redeemed in connection with its vote, removing about 76.5% of its roughly $402 million trust going into the vote. But, together with the transaction’s $225 million PIPE, Star Peak II cleared the minimum cash condition of the deal with room to spare.
The parties expect to close the transaction later today with the combined company’s shares and warrants set to begin trading on the NYSE under the symbols “BHIL” and “BHIL WS”, respectively, on September 30
Star Peak II originally announced its $1.35 billion combination with Benson Hill on May 10. St. Louis, Missouri-based Benson Hill develops enhanced crops to produce plant-based protein food ingredients and sells fresh produce to grocery networks like Kroger (NYSE:KR) and US Foods (NYSE:USFD).
For a description of other measures on the Star Peak II ballot and full vote tallies, click HERE.
- Goldman Sachs & Co. LLC and Credit Suisse Securities (USA) LLC are serving as joint financial advisors and capital markets advisors to Star Peak and as co-placement agents on the PIPE offering.
- Kirkland & Ellis LLP is serving as legal advisor to Star Peak.
- Barclays is serving as exclusive financial advisor and capital markets advisor to Benson Hill, as well as co-placement agent on the PIPE offering.
- Winston & Strawn LLP is serving as legal advisor to Benson Hill