{"schema_version":"secwatch.filing_event.v1","accession":"0001628280-26-017930","form_type":"8-K","ticker":"LOCL","cik":"0001840780","company_name":"Local Bounti Corporation/DE","filed_at":"2026-03-16T23:59:59+00:00","discovered_at":"2026-05-14T18:02:36.490720+00:00","generated_at":"2026-05-15T11:55:36.610534+00:00","sec_items":["1.01","2.03","3.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Local Bounti raises $15M via convertible note and warrant; amends credit agreement","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0001628280-26-017930","json":"https://secwatch.observer/filing/0001628280-26-017930.json","markdown":"https://secwatch.observer/filing/0001628280-26-017930.md","text":"https://secwatch.observer/filing/0001628280-26-017930.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/locl-20260313.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T11:55:36.610534+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":"b492654893f170fc6830eac9265402b6526372f5","claim":"Local Bounti Corporation/DE amended credit facility with Cargill Financial Services International, Inc..","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Counterparty","value":"Cargill Financial Services International, Inc."},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"fdc788b5497de49949704afe08ffa7588d9b6f65","claim":"Local Bounti Corporation/DE incurred convertible notes of $15.0 million with U.S. Bounti, LLC at 7.0% per year.","evidence_excerpt":"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”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$15.0 million"},{"label":"Counterparty","value":"U.S. Bounti, LLC"},{"label":"Rate","value":"7.0% per year"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"de633baeee7ecc7d26f79dc2f14cfd707c1818ce","claim":"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.","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm","confidence":0.95,"family_label":"Equity Issuances","details":[{"label":"Security","value":"convertible note"},{"label":"Shares","value":"6,000,000 shares of common stock (if converted)"},{"label":"Purchaser","value":"U.S. Bounti, LLC"},{"label":"Consideration","value":"$15.0 million principal note with 7.0% PIK interest"}],"fact_type":"equity_issuance"},{"claim_id":"e441d7a03959fc8426680d71a179b8f4c1a0f6fa","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 3.02/3.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm","confidence":0.95,"family_label":"Equity Issuances","details":[{"label":"Security","value":"warrant"},{"label":"Shares","value":"5,500,000 shares of common stock"},{"label":"Purchaser","value":"U.S. Bounti, LLC"},{"label":"Consideration","value":"$0.125 per share exercise price"}],"fact_type":"equity_issuance"},{"claim_id":"81e974afdb64a5e6e9c6d799bea05b760a574091","claim":"Local Bounti Corporation/DE amended Letter Agreement with Cargill Financial Services International, Inc. (effective 2026-03-13).","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Cargill Financial Services International, Inc."},{"label":"Effective","value":"2026-03-13"}],"fact_type":"material_agreement"},{"claim_id":"f055b20c2eccf4cb80d49d39a2e346621e18b18f","claim":"Local Bounti Corporation/DE entered into Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC (effective 2026-03-13).","evidence_excerpt":"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”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"U.S. Bounti, LLC"},{"label":"Effective","value":"2026-03-13"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}