{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-068740","form_type":"8-K","ticker":"LOCL","cik":"0001840780","company_name":"Local Bounti Corporation/DE","filed_at":"2025-03-31T23:59:59+00:00","discovered_at":"2026-05-14T18:03:05.221533+00:00","generated_at":"2026-05-24T02:21:26.918307+00:00","sec_items":["1.01","5.02","1.02","3.02","5.03","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Local Bounti restructures $197M debt, raises $25M PIPE, appoints new CEO","bullets":["Cancelled $139M senior and $58M subordinated debt; remaining senior debt $312M at SOFR+2%, maturity Dec 31, 2035.","Raised $25M via PIPE: ~1.8M shares common + 10.7M Series A Preferred at $2.00/share; 180-day lock-up.","CEO Craig Hurlbert becomes Executive Chairman; CFO Kathleen Valiasek appointed CEO as of March 31, 2025.","Board expanded: Michael Molnar and Charles R. Schwab Jr. appointed; Jennifer Carr-Smith and Edward Forst resigned.","Amended Cargill warrants: exercise price $4.00, expires 8 years from closing; RSU grants of 1.4M (Valiasek) and 700k (Hurlbert)."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-068740","json":"https://secwatch.observer/filing/0001193125-25-068740.json","markdown":"https://secwatch.observer/filing/0001193125-25-068740.md","text":"https://secwatch.observer/filing/0001193125-25-068740.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/d854627d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T02:21:26.918307+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"090d9a7001","claim":"Michael Molnar was appointed as Director at Local Bounti Corporation/DE.","evidence_excerpt":"the Board appointed Michael Molnar and Charles R. Schwab, Jr. to the Board, effective March 31, 2025.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"262254d361","claim":"Kathleen Valiasek was appointed as Chief Executive Officer at Local Bounti Corporation/DE.","evidence_excerpt":"the Board appointed Kathleen Valiasek, who currently serves as the Company’s Chief Financial Officer and President, as Chief Executive Officer of the Company, effective March 31, 2025.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Chief Executive Officer"}],"fact_type":"executive_change"},{"claim_id":"420e4b65fb","claim":"Craig M. Hurlbert was appointed as Executive Chairman at Local Bounti Corporation/DE.","evidence_excerpt":"Craig M. Hurlbert announced his intention to resign as the Company’s Chief Executive Officer, effective March 31, 2025. The Board appointed Mr. Hurlbert as Executive Chairman on March 27, 2025, effective as of March 31, 2025.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Executive Chairman"}],"fact_type":"executive_change"},{"claim_id":"9f07dffae1","claim":"Charles R. Schwab, Jr. was appointed as Director at Local Bounti Corporation/DE.","evidence_excerpt":"the Board appointed Michael Molnar and Charles R. Schwab, Jr. to the Board, effective March 31, 2025.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}