secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2026-08-07T20:51:04+00:00
Accession:  0001628280-26-054899
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000162828026054899/0001628280-26-054899-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000162828026054899/locl-20260807.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-054899

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