--- 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" generated_at: "2026-05-15T11:55:36.610534+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.65 calibrated_materiality_score: 0.65 confidence: "high" source: SEC EDGAR --- # Local Bounti raises $15M via convertible note and warrant; amends credit agreement ## Summary - $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. ## SEC filing metadata - 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 - event_type: debt - sentiment: neutral - materiality_score: 0.65 - calibrated_materiality_score: 0.65 - confidence: high - sec_items: 1.01, 2.03, 3.02, 9.01 - 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 ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001628280-26-017930 - JSON: https://secwatch.observer/filing/0001628280-26-017930.json - Plain text: https://secwatch.observer/filing/0001628280-26-017930.txt ## Key facts - Debt Financings Local Bounti Corporation/DE amended credit facility with Cargill Financial Services International, Inc.. - Instrument: credit facility - Counterparty: Cargill Financial Services International, Inc. - Event: amendment source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm - Debt Financings 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 source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm - Equity Issuances 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 source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm - Equity Issuances 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 source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm - Material Agreements 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 source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm - Material Agreements 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 source text: 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_url: https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.