secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2022-04-07T23:59:59+00:00
Accession:  0001193125-22-099024
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.01, 2.03, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000119312522099024/0001193125-22-099024-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000119312522099024/d241106d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-099024

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