secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2026-03-16T23:59:59+00:00
Accession:  0001628280-26-017930
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Local Bounti raises $15M via convertible note and warrant; amends credit agreement
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/0001628280-26-017930-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000162828026017930/locl-20260313.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-017930

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer