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Local Bounti Corporation (NYSE: LOCL) is a pioneering U.S. indoor agriculture company dedicated to transforming the way we grow and consume produce. Based in Hamilton, Montana, Local Bounti specializes in controlled environment agriculture, focusing on building local facilities operated by community teams to deliver fresh, high-quality leafy greens and herbs with minimal environmental impact.
The cornerstone of Local Bounti's operations is their proprietary Stack & Flow Technology®, which merges the best aspects of vertical and greenhouse farming. This innovative approach allows for the efficient use of space and resources, resulting in crops that require 90% less land and water compared to traditional farming methods. By reducing the need for herbicides and pesticides, Local Bounti ensures that their products are not only better for the environment but also healthier and longer-lasting for consumers.
Local Bounti operates advanced indoor growing facilities across the United States, servicing approximately 13,000 retail doors with their two brands: Local Bounti® and Pete’s®. Their operations span several states, including newly commissioned facilities in Texas and Washington, which bolster their distribution capabilities in the Pacific Northwest and central U.S. regions respectively.
In February 2024, the U.S. Patent and Trademark Office granted Local Bounti a patent for their Stack & Flow Technology. This technology involves a stacked nursery design for early plant development, which minimizes the footprint of the facility. Once plants reach maturity, they are moved to horizontal hydroponic greenhouses optimized for sunlight and other controlled environment factors, thereby enhancing productivity and efficiency.
Recent achievements highlight Local Bounti's significant growth and innovation. The company has doubled production at their Georgia facility and transitioned their Montana facility from a research and development focus to commercial production. Additionally, they plan to expand their capacity, including a new high-tech facility in the Midwest, aimed at meeting increasing retail demand and improving service to retail partners.
Financially, Local Bounti has secured conditional commitments for approximately $228 million in financing to support their 2024 facility expansions and new projects. Despite the challenges posed by market fluctuations, Local Bounti remains confident in their ability to achieve positive adjusted EBITDA by early 2025, reflecting their strong operational progress and efficient cost management strategies.
Local Bounti's commitment to sustainability is evident through their reduced environmental footprint and efforts to decrease their cost of goods sold. They engage closely with retail partners to expand their product assortment, including an array of Grab-and-Go Salad Kits and baby leaf offerings, ensuring they meet consumer preferences and market demand.
The company's forward-looking strategy includes continuous improvements in their growing techniques and operational efficiencies. Local Bounti's mission is to bring fresh, nutritious, and sustainable food from farm to kitchen with the fewest food miles possible, positively impacting both families and the environment.
Local Bounti Corporation (NYSE: LOCL, LOCL WS) will release its financial results for the first quarter ended March 31, 2022, after market close on May 9, 2022. A conference call scheduled for the same day at 5:00 p.m. ET will provide insights into the results and updates from management. Local Bounti focuses on controlled environment agriculture, operating a facility in Hamilton, Montana, and is committed to sustainable practices, producing pesticide-free greens with reduced land and water usage.
Local Bounti Corporation (NYSE: LOCL) has successfully completed its acquisition of Hollandia Produce Group, effective April 4, 2022, for a total purchase price of $122.5 million. This includes $92.5 million in cash and $30 million in stock. The acquisition is expected to enhance Local Bounti's market presence and operational efficiencies through its proprietary Stack & Flow Technology™, aiming to tap into the growing $30 billion U.S. controlled environment agriculture market by 2025. This strategic move is anticipated to deliver immediate value for shareholders, employees, and customers.
Local Bounti Corporation (NYSE: LOCL) announced its transformative acquisition of Pete's, expanding distribution to around 10,000 retail locations. For 2021, Local Bounti reported a gross margin of 32%, with sales up 678% to $638,000, but a net loss of $56.1 million. The acquisition, valued at $122.5 million, is expected to generate $22.7 million in 2021 revenue, with initial run-rate revenue projected at $30 million upon full production. The deal is expected to close in Q2 2022, enhancing operational synergies and driving growth in the controlled environment agriculture sector.
Local Bounti Corporation (NYSE: LOCL) announced its agreement to acquire Pete's, a California-based indoor farming company, for $122.5 million. The transaction will be financed with $92.5 million in cash from a lending facility and $30 million in Local Bounti stock. Pete's reported an estimated $22.7 million in revenue with gross margins of over 45% in 2021. The acquisition will enhance distribution across approximately 10,000 retail locations, improve operational efficiencies through Local Bounti's Stack & Flow Technology, and is expected to be accretive immediately.
Local Bounti Corporation (NYSE: LOCL) will announce its financial results for the fiscal year ending December 31, 2021, on March 15, 2022, before market open. The company specializes in controlled environment agriculture, combining vertical and greenhouse technologies. A conference call will follow at 8:30 a.m. ET to discuss the results. Local Bounti's operations in Hamilton, Montana focus on sustainable produce cultivation, using 90% less land and water compared to traditional methods, and adhering to strict USDA standards.
Local Bounti Corporation, a leader in indoor agriculture, successfully completed its $1.1 billion business combination with Leo Holdings III Corp on November 19, 2021. Following this merger, the company commenced trading under the ticker symbols 'LOCL' and 'LOCL WS' on the New York Stock Exchange starting November 22, 2021. Local Bounti aims to revolutionize sustainable agriculture with advanced growing methods, delivering pesticide-free products while minimizing resource usage. The firm is positioned for growth as it seeks to maximize shareholder returns and enhance its market presence.
Leo Holdings III Corp (NYSE:LIII) announced the passing of its business combination proposal with Local Bounti Corporation at an extraordinary meeting on November 16, 2021. Approximately 98% of votes supported the combination, expected to close the week of November 22, 2021. Following the merger, Leo will rebrand as Local Bounti and trade under the symbol LOCL. Local Bounti aims to revolutionize agriculture by using 90% less water and minimizing environmental impact, providing sustainably grown produce year-round.
Leo Holdings III Corp (NYSE:LIII) announced a successful quorum for its extraordinary general meeting on November 16, 2021, to discuss a business combination with Local Bounti Corporation, valued at approximately $1.1 billion. Shareholders have overwhelmingly supported the proposed merger, which includes a $25 million upsizing of the private investment in public equity (PIPE) financing, ensuring the minimum cash requirement for closure. The merger is expected to finalize in Q4 2021, with Leo rebranding as Local Bounti Corporation under the symbol LOCL post-transaction.
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