secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2023-03-17T23:59:59+00:00
Accession:  0001193125-23-074037
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Local Bounti amends Cargill credit facility; reports FY2022 sales $19.5M, net loss $111.1M
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- Fifth Amendment reduces required cash in debt service reserve by ~$11M until April 2, 2024; allows PIK interest and Q1 2023 unused fee.
- Minimum liquidity covenant reduced from $11M to $1M.
- Preliminary FY2022 sales $19.5M, adjusted gross margin 38%, net loss $111.1M, adjusted EBITDA loss $29.8M.
- Company expects to file 10-K on or about March 29, 2023; earnings call March 29 at 8am ET.
- Aggregate outstanding loans and undrawn commitments remain $170M (plus PIK interest).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000119312523074037/0001193125-23-074037-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000119312523074037/d485924d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-074037

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