Benson Hill, a company focused on soybean seed innovation, has filed Chapter bankruptcy in the United States Bankruptcy Court for the District of Delaware. The company pursues a sale of the business.

“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.”

To facilitate this process, in addition to use of its existing cash reserves, the company has received a commitment of approximately USD 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.

Benson Hill positioned itself as a leader in seed technology, specializing in ultra-high protein soybeans aimed at enhancing sustainability and efficiency for farmers and food producers. The aquafeed industry was part of its market, signing partnerships with partnerships with Riverence and BioMar. However, maintaining profitability has remained a challenge. While the company sought to strengthen its position by divesting assets and reducing debt, mounting financial pressures ultimately proved insurmountable. According to an SEC filing, Benson Hill reported $34.1 million in revenue for the three months ending September 30, 2024, but posted a net loss of $22.9 million attributable to shareholders.