Benson Hill files voluntary Chapter 11 petitions

• Debtor-in-Possession Financing Secured to Support Ongoing Operations and Chapter 11 Process.

• Company Filed a Variety of First-Day Motions, Subject to Court Approval.

Benson Hill, Inc. (Nasdaq: BHIL, ″Benson Hill″), a seed innovation company, announced that it and its subsidiaries (collectively, the ″Company″) filed voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code (″Chapter 11″) in the United States Bankruptcy Court for the District of Delaware (the ″Court″). The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, including a sale of all or a portion of the Company’s assets, while continuing to support its farmers, partners, and customers during the Chapter 11 process.

To facilitate this process, in addition to having the use of its existing cash reserves, the Company has received a commitment of approximately $11 million in Debtor-in-Possession financing. Following Court approval, the Company expects this financing to provide the necessary liquidity to support operations throughout the Chapter 11 process.

The Company has filed a variety of ″first-day″ motions containing customary relief intended to support the Company’s ability to continue its ordinary course of operations, such as continuing to service its customers and honor its obligations to its remaining employees, as the Company begins its efforts to effectuate the sale of its assets.

″Benson Hill has made significant strides in advancing our seed innovation portfolio by developing soybeans with enhanced compositional traits that deliver value creation for end users and improved sustainable solutions for growers,″ said Dan Jacobi, Chairman of the Board of Directors of Benson Hill. ″We have worked diligently to transform our business, including reducing costs, divesting assets, retiring debt, and optimizing our operations by transitioning to a licensing model. Despite our efforts, a combination of industry challenges and financial constraints has led the Board to determine that a process under Chapter 11 is the best path forward.″

Court filings and information about the Chapter 11 case can be found at a website maintained by the Company’s claims agent Stretto, Inc., at https://cases.stretto.com/bensonhill. Faegre Drinker Biddle & Reath LLP is serving the Company as legal counsel, and Piper Sandler & Co. is serving the Company as investment banker.