Local Bounti closes $122.5M acquisition of Pete's; appoints former Pete's CEO as President

Local Bounti Corporation/DE

Acquired all equity of Hollandia Produce (Pete's) for $122.5M: $92.5M cash + 5,654,600 shares of common stock at ~$5.30/share.
Property acquisition of Pete's leased properties from STORE for $25.8M funded separately at closing.
Cargill facility amended: aggregate commitment reduced to $170M, interest rates increased by 2%, minimum liquidity covenant lowered to $20M.
Brian Cook (ex-Pete's CEO) appointed President effective April 4, 2022; annual base salary $400K and 500K RSUs vesting over 4 years.
Management states deal is immediately accretive and expects margin expansion from integrating Stack & Flow Technology into Pete's facilities.

item 2.01 item 2.03 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Brian Cook

President

LOCL · Local Bounti Corporation/DE

Effective: 2022-04-04
Filed: April 7, 2022, 7:59 PM ET

Following the Closing, effective April 4, 2022, the Company announced that Brian Cook has been named President of the Company, reporting to co-Chief Executive Officers Craig Hurlbert and Travis Joyner.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Cook was appointed as President at Local Bounti Corporation/DE.

Action: appointed
Role: President

Exact text from the filing

Following the Closing, effective April 4, 2022, the Company announced that Brian Cook has been named President of the Company, reporting to co-Chief Executive Officers Craig Hurlbert and Travis Joyner.

View on SEC.gov

Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001193125-22-099024

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