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Local Bounti Corporation, a leader in controlled environment agriculture, announced significant updates on October 21, 2021. The company has expanded its retail presence by partnering with Albertsons, targeting 84 grocery locations across six states. Local Bounti's Hamilton, Montana facility has become operational 25% ahead of schedule, with a 140% capacity increase. The fourth facility is under contract in Nevada, and product offerings have expanded from seven to eight SKUs. Local Bounti aims to complete its business combination with Leo Holdings III Corp (LIII) in Q4 2021, anticipating a $30 billion market for herbs and vegetables by 2025.
Local Bounti Corporation and Leo Holdings III Corp have announced an Extraordinary General Meeting scheduled for November 16, 2021, at 9:00 a.m. Eastern time to approve their pending business combination. A Warrant Holder Meeting will also occur on the same date at 9:30 a.m. The meetings will take place in New York and virtually. Leo has filed a Joint Proxy Statement/Prospectus, which will be mailed to shareholders starting October 22, 2021. If approved, the business combination is expected to close on or about November 17, 2021, with Local Bounti's stock trading under new ticker symbols on the NYSE.
