Local Bounti Secures Additional Financing with Existing Investors

Core Viewpoint - Local Bounti Corporation has secured $10 million through a convertible note and amended its credit facility, reducing its principal debt by the same amount, which strengthens its financial position for future operations [1][2]. Financial Summary - The company issued a convertible note with a 5-year maturity and a 6.0% annual interest rate, payable in kind [2]. - As part of the transaction, Local Bounti will issue a warrant to purchase up to 550,000 shares of common stock at an exercise price of $0.125 per share [2]. Company Overview - Local Bounti is innovating indoor farming with its patented Stack & Flow Technology®, which enhances crop turns and improves unit economics [3]. - The company operates advanced indoor growing facilities across the U.S., servicing approximately 13,000 retail doors [3]. - Local Bounti's sustainable methods use 90% less land and 90% less water compared to conventional farming, aiming to revolutionize agriculture and ensure access to fresh, sustainable produce [3].