Local Bounti raises $12.5M via convertible note and warrant; amends Cargill credit terms

Local Bounti Corporation/DE

Issued $12.5M convertible note to U.S. Bounti, LLC at 7.0% PIK interest; conversion price $1.37/share.
Warrant to purchase 1,000,000 shares at $0.125/share, exercisable immediately, 10-year term.
Note converts to up to 9,124,088 shares; 50% auto-converts at 4th anniversary, 50% at maturity.
Cargill Financial amended Senior Credit Agreement: minimum liquidity cut to $3.5M through Mar 2027, $2.0M thereafter.
Proceeds for working capital; stockholder approval required by Nov 30, 2026 for issuance above 1% cap.

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