secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2025-03-31T23:59:59+00:00
Accession:  0001193125-25-068740
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 5.02, 1.02, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Local Bounti restructures $197M debt, raises $25M PIPE, appoints new CEO
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/0001193125-25-068740-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000119312525068740/d854627d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-068740

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