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.

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