---
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"
generated_at: "2026-05-24T02:21:26.918307+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Local Bounti restructures $197M debt, raises $25M PIPE, appoints new CEO

## Summary
- 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).

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 5.02, 1.02, 3.02, 5.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-068740
- JSON: https://secwatch.observer/filing/0001193125-25-068740.json
- Plain text: https://secwatch.observer/filing/0001193125-25-068740.txt

## Key facts
- Executive change
  Michael Molnar was appointed as Director at Local Bounti Corporation/DE.
  - Action: appointed
  - Role: Director
  source text: the Board appointed Michael Molnar and Charles R. Schwab, Jr. to the Board, effective March 31, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm
- Executive change
  Kathleen Valiasek was appointed as Chief Executive Officer at Local Bounti Corporation/DE.
  - Action: appointed
  - Role: Chief Executive Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm
- Executive change
  Craig M. Hurlbert was appointed as Executive Chairman at Local Bounti Corporation/DE.
  - Action: appointed
  - Role: Executive Chairman
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm
- Executive change
  Charles R. Schwab, Jr. was appointed as Director at Local Bounti Corporation/DE.
  - Action: appointed
  - Role: Director
  source text: the Board appointed Michael Molnar and Charles R. Schwab, Jr. to the Board, effective March 31, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm

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