8-K
filed March 25, 2025, 7:59 PM ET
CIK 0001830210
other material
confidence high
sentiment negative
materiality 1.00
Benson Hill, Inc.: going-concern / distress — Benson Hill files Chapter 11 bankruptcy, terminates CEO/CFO/CTO; Nasdaq delisting March 27
Benson Hill, Inc.
- Filed Chapter 11 on March 20, 2025; secured $11M DIP financing at 15% interest with credit bid rights.
- Terminated CEO Elsner, CFO Keefe, CTO Bull; appointed Daniel Cosgrove as interim CEO at $500K base.
- Nasdaq determined to delist common stock effective March 27, 2025; company not appealing.
- Expects $1.7M in employee termination costs and significant asset impairments.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
Benson Hill, Inc. entered chapter 11 in U.S. Bankruptcy Court for the District of Delaware (petition 2025-03-20).
- Proceeding
- chapter 11
- Court
- U.S. Bankruptcy Court for the District of Delaware
- Petition
- 2025-03-20
Exact text from the filing
On March 20, 2025, Benson Hill, Inc. (the "Company") and its wholly-owned subsidiaries Benson Hill Fresh, LLC, Benson Hill Holdings, Inc., Benson Hill Seeds Holdings, Inc., Benson Hill Seeds, Inc., BHB Holdings, LLC, Benson Hill ND OldCo, Inc., DDB Holdings, Inc., and J&J Southern Farms, Inc. (together with the Company, the "Debtors"), filed voluntary petitions for relief under chapter 11 of title 11 ("Chapter 11") of the United States Code (the "Bankruptcy Code") in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Adrienne "Deanie" Elsner was terminated as Chief Executive Officer at Benson Hill, Inc..
- Action
- terminated
- Role
- Chief Executive Officer
Exact text from the filing
the employment of each of Adrienne “Deanie” Elsner, Chief Executive Officer, Susan Keefe, Chief Financial Officer, and Jason Bull, Chief Technology Officer, was terminated without cause.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jason Bull was terminated as Chief Technology Officer at Benson Hill, Inc..
- Action
- terminated
- Role
- Chief Technology Officer
Exact text from the filing
the employment of each of Adrienne “Deanie” Elsner, Chief Executive Officer, Susan Keefe, Chief Financial Officer, and Jason Bull, Chief Technology Officer, was terminated without cause.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Daniel Cosgrove was appointed as interim Chief Executive Officer, General Counsel and Secretary at Benson Hill, Inc..
- Action
- appointed
- Role
- interim Chief Executive Officer, General Counsel and Secretary
Exact text from the filing
Effective March 19, 2025, immediately following the March 19 Board Meeting, the Company appointed Daniel Cosgrove, previously Chief Administrative Officer and General Counsel, to serve as the Company’s interim Chief Executive Officer, General Counsel and Secretary of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Susan Keefe was terminated as Chief Financial Officer at Benson Hill, Inc..
- Action
- terminated
- Role
- Chief Financial Officer
Exact text from the filing
the employment of each of Adrienne “Deanie” Elsner, Chief Executive Officer, Susan Keefe, Chief Financial Officer, and Jason Bull, Chief Technology Officer, was terminated without cause.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Benson Hill, Inc. announced a restructuring with charges of approximately $1.7 million.
- Type
- restructuring
- Charge
- approximately $1.7 million
Exact text from the filing
At this time, the Company expects that the aggregate costs related to such terminations will be approximately $1.7 million.
View on SEC.gov
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