Local Bounti secures $10M convertible note, reduces credit facility debt by $10M

Local Bounti Corporation/DE

Issued $10M convertible note to existing investor U.S. Bounti LLC, 6% annual interest payable in kind, 5-year maturity.
Issued warrant to purchase 550,000 shares at $0.125 per share; conversion price on note is $2.50 per share.
Twelfth Amendment to Senior Credit Agreement cancels $10M of loans; remaining principal $302M.
Proceeds used for working capital, general corporate purposes, and capital expenditures.
Company will seek stockholder approval within three months due to NYSE rules on share issuance cap.

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