Benson Hill goes public by merging with a blank-check agency backed by various asset supervisor Magnetar Capital, giving the plant-growing expertise firm an enterprise worth of about $1.35 billion, it stated on Monday.
The corporate, which makes use of synthetic intelligence, knowledge and a wide range of breeding methods to create meals and ingredient merchandise, is combining with special-purpose acquisition firm (SPAC) Star Peak Corp II.
The deal will present gross proceeds of about $625 million and consists of an about $225 million funding from BlackRock, Van Eck Associates, Hedosophia, Lazard Asset Administration and others.
The deal will helps Benson Hill’s progress within the plant-based meat section, which is predicted to be price $140 billion by 2029, the corporate stated.
Benson Hill focuses partly on enhancing soybean and yellow pea elements for the plant-based protein market.
SPACs are shell firms that increase funds by means of an IPO to take a personal firm public by means of a merger at a later date.
The mixed firm shall be listed on the New York Inventory Change below the brand new ticker image “BHIL“.
The deal is predicted to shut within the third quarter of 2021.
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