ST. LOUIS — Investor group Argonautic Ventures Master SPC has submitted a preliminary, non-binding indication of interest to acquire all the outstanding shares of common stock of Benson Hill, Inc. that it does not already own. The investor group, which currently owns about 16% of Benson Hill’s outstanding shares, said it would pay $0.2236 per share, which would value the transaction at about $46.6 million based on approximately 212 million outstanding shares.

Benson Hill said its board of directors has formed a committee of independent directors to review certain strategic alternatives. The committee will now “carefully evaluate” the indication of interest from Argonautic within the context of Benson Hill’s ongoing review of strategic alternatives, the company said.

“No assurance can be given that the transaction committee or the company will pursue a definitive transaction with respect to the indication of interest or any other potential transaction, or that any such transaction or other potential transaction will eventually be consummated,” Benson Hill said. “Benson Hill does not intend to make further announcements about any alternative that may be under evaluation unless and until Benson Hill’s board of directors and/or the transaction committee has approved a specific transaction or otherwise determines that further disclosure is appropriate or necessary.”

News of the potential acquisition sent Benson Hill’s stock price higher, closing at 17¢ per share on June 27, up from a close of 16¢ per share a day earlier and up from 15¢ per share two days earlier.