05:27 PM EDT, 06/27/2024 (MT Newswires) -- Benson Hill ( BHIL ) said Thursday it has received an initial, non-binding indication of interest from Argonautic Ventures Master to buy all outstanding shares of the company not owned by Argonautic and other related co-investors for $0.2236 per share in cash.

The indication of interest states that Argonautic and other co-investors, comprising an investor group, currently hold around 16% of the company's common shares and that the composition of this investor group may change, the company said.

Benson Hill's ( BHIL ) potential deal with Argonautic hinges on due diligence and negotiating terms, the company said, adding that its board has set up a special committee of independent directors to review strategic options, and there is no assurance that the special committee or the company will pursue a deal based on the interest shown.

Shares of the company were up more than 2% in after-hours trading.