Star Peak Corp II stockholders voted in favor of the business combination with food technology company Benson Hill.
Approximately 98.7% of the votes cast were in support of the deal, the SPAC said in a news release. However, in an 8-K filing Star Peak II disclosed that 30,781,843 shares were redeemed for nearly $308 million, erasing more than three-fourths of its cash in trust.
When announced in May, terms called for approximately $625 million in gross proceeds to Benson Hill, including an oversubscribed and upsized $225 million fully committed PIPE.
The PIPE in tandem with the remaining cash in trust is expected to give the SPAC sufficient cash to meet the minimum conditions for closing the deal.
The business combination is still expected to close today. Following the closing, Benson Hill stock and warrants are expected to begin trading tomorrow on the NYSE under BHIL and BHIL.WS. Read more.
