---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-099024"
form_type: "8-K"
ticker: "LOCL"
cik: "0001840780"
company_name: "Local Bounti Corporation/DE"
filed_at: "2022-04-07T23:59:59+00:00"
generated_at: "2026-06-26T08:54:36.773658+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-22-099024
- form_type: 8-K
- ticker: LOCL
- cik: 0001840780
- company_name: Local Bounti Corporation/DE
- filed_at: 2022-04-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.01, 2.03, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840780/000119312522099024/0001193125-22-099024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840780/000119312522099024/d241106d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-099024
- JSON: https://secwatch.observer/filing/0001193125-22-099024.json
- Plain text: https://secwatch.observer/filing/0001193125-22-099024.txt

## Key facts
- Executive change
  Brian Cook was appointed as President at Local Bounti Corporation/DE.
  - Action: appointed
  - Role: President
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312522099024/0001193125-22-099024-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.