8-K
filed March 16, 2026, 7:59 PM ET
ticker LOCL
CIK 0001840780
debt
confidence high
sentiment neutral
materiality 0.65
Local Bounti Corporation/DE (LOCL): debt financing — Local Bounti raises $15M via convertible note and warrant; amends credit agreement
Local Bounti Corporation/DE
- $15M convertible note with 7% PIK interest; conversion price $2.50 per share.
- Warrant for 5.5M shares at $0.125/share, 10-year term.
- Must seek stockholder approval by June 30, 2026 for issuance above NYSE 1% cap.
- Liquidity covenant set at $3.5M through Sep30, 2026, then $2.0M; EBITDA covenant deferred to Mar31, 2027.
- Proceeds for working capital and general corporate purposes.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Local Bounti Corporation/DE amended credit facility with Cargill Financial Services International, Inc..
- Instrument
- credit facility
- Counterparty
- Cargill Financial Services International, Inc.
- Event
- amendment
Exact text from the filing
Also on March 13, 2026, the Company entered into a letter agreement (the “Letter Agreement”) with Cargill Financial Services International, Inc., a Delaware corporation (“Cargill Financial”), to supplement certain terms of the Credit Agreement dated as of September 3, 2021
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Local Bounti Corporation/DE incurred convertible notes of $15.0 million with U.S. Bounti, LLC at 7.0% per year.
- Instrument
- convertible notes
- Principal
- $15.0 million
- Counterparty
- U.S. Bounti, LLC
- Rate
- 7.0% per year
- Event
- incurrence
Exact text from the filing
On March 13, 2026, Local Bounti Corporation, a Delaware corporation (the “Company”), entered into a Convertible Note and Warrant Purchase Agreement (the “Purchase Agreement”) with U.S. Bounti, LLC (the “Purchaser”), providing for the purchase, sale and issuance of (i) a convertible note with an initial principal balance of $15.0 million (the “Note”)
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.95
Local Bounti Corporation/DE issued 6,000,000 shares of common stock (if converted) of convertible note to U.S. Bounti, LLC for $15.0 million principal note with 7.0% PIK interest.
- Security
- convertible note
- Shares
- 6,000,000 shares of common stock (if converted)
- Purchaser
- U.S. Bounti, LLC
- Consideration
- $15.0 million principal note with 7.0% PIK interest
Exact text from the filing
On March 13, 2026, Local Bounti Corporation, a Delaware corporation (the “Company”), entered into a Convertible Note and Warrant Purchase Agreement (the “Purchase Agreement”) with U.S. Bounti, LLC (the “Purchaser”), providing for the purchase, sale and issuance of (i) a convertible note with an initial principal balance of $15.0 million (the “Note”) and (ii) a common stock purchase warrant (the “Warrant”) pursuant to which the Purchaser has the right to purchase and acquire 5,500,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”).
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.95
Local Bounti Corporation/DE issued 5,500,000 shares of common stock of warrant to U.S. Bounti, LLC for $0.125 per share exercise price.
- Security
- warrant
- Shares
- 5,500,000 shares of common stock
- Purchaser
- U.S. Bounti, LLC
- Consideration
- $0.125 per share exercise price
Exact text from the filing
The Warrant is exercisable immediately at an exercise price of $0.125 per share of Common Stock and will expire 10 years from the initial exercise date.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Local Bounti Corporation/DE amended Letter Agreement with Cargill Financial Services International, Inc. (effective 2026-03-13).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Cargill Financial Services International, Inc.
- Effective
- 2026-03-13
Exact text from the filing
Also on March 13, 2026, the Company entered into a letter agreement (the “Letter Agreement”) with Cargill Financial Services International, Inc., a Delaware corporation (“Cargill Financial”), to supplement certain terms of the Credit Agreement dated as of September 3, 2021, by and among Local Bounti Operating Company LLC, a Delaware limited liability company (“Opco”), each subsidiary of Opco identified as a “Borrower” therein, and Cargill Financial (amended, restated, supplemented or otherwise modified from time to time prior to the Transaction Date, the “Senior Credit Agreement”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Local Bounti Corporation/DE entered into Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC (effective 2026-03-13).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- U.S. Bounti, LLC
- Effective
- 2026-03-13
Exact text from the filing
On March 13, 2026, Local Bounti Corporation, a Delaware corporation (the “Company”), entered into a Convertible Note and Warrant Purchase Agreement (the “Purchase Agreement”) with U.S. Bounti, LLC (the “Purchaser”), providing for the purchase, sale and issuance of (i) a convertible note with an initial principal balance of $15.0 million (the “Note”) and (ii) a common stock purchase warrant (the “Warrant”)
View on SEC.gov
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