secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2023-05-03T23:59:59+00:00
Accession:  0001193125-23-134439
Event type: other_material
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Local Bounti completes $35M sale-leaseback of two CA facilities for non-dilutive cash
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- Sold Carpinteria and Oxnard facilities for $35M to STORE Master Funding XXXI; 25-year lease with four 5-year renewal options.
- Base annual rent $3.24M in year one, increasing 3% annually.
- Combined with up to $110M Cargill credit amendment, total up to $145M to support growth plans.
- Also entered term sheets for up to $90M USDA debt; initial $35M tranche expected Q2 2023.
- CFO says over $58M of capital is now available to fund operations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000119312523134439/0001193125-23-134439-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000119312523134439/d294170d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-134439

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer