LOCAL BOUNTI CORP SEC Filings

Local Bounti Corporation Executive Chairman Craig M. Hurlbert reported selling 100,000 shares of common stock at $1.16 per share. According to the filing, these sales were executed as a sell-to-cover transaction to satisfy tax withholding obligations on equity award settlements.

Following the sale, Hurlbert directly holds 814,803 shares of Local Bounti common stock. He also has indirect exposure to 1,177,386 shares held by Wheat Wind Farms, LLC, where he serves as Member-Manager with sole voting and dispositive power, while formally disclaiming beneficial ownership except for his pecuniary interest.

Local Bounti Corporation President and CEO Kathleen Valiasek reported an open-market sale of 200,000 shares of Common Stock at $1.16 per share on April 1, 2026. After this transaction, she directly holds 1,443,580 shares of the company.

According to the filing’s footnote, these shares were sold solely to cover tax withholding obligations related to the settlement of equity awards through a “sell to cover” transaction, indicating a compensation-driven, mechanical sale rather than a discretionary portfolio move.

Local Bounti Corporation outlines its controlled-environment agriculture business model and key risks in its annual report. The company uses its patented Stack & Flow Technology, combining vertical nurseries and greenhouses, to grow mainly lettuce and leafy greens with about 90% less water and land than traditional farming.

Founded in 2018 and headquartered in Montana, it now operates facilities in California, Georgia, Washington and Texas and distributes branded products to roughly 13,000 retail locations across 35 U.S. states with about 30 SKUs. The report emphasizes a history of losses, the need for additional financing to support expansion, reliance on secured credit facilities with Cargill Financial, and risks tied to debt covenants and NYSE continued listing requirements. Management highlights a strategy focused on unit economics, modular expansion near population centers, product diversification, and an extensive sustainability program aligned with multiple U.N. Sustainable Development Goals.

Local Bounti Corporation reported strong top-line growth and narrower losses for 2025 while materially restructuring its balance sheet. Sales rose 27% to $48.4 million, with fourth-quarter sales up 24% to $12.5 million, driven by higher production at facilities in Georgia, Texas, and Washington.

Full-year gross profit increased 43% to $5.9 million, and adjusted gross margin reached 29%. Net loss improved 21% to $94.4 million, while adjusted EBITDA loss improved to $(28.3) million. During 2025 the company cut annualized expenses by nearly $10 million and reduced quarterly net loss to $8.7 million.

Local Bounti overhauled its capital structure, closing a $25 million equity raise, cancelling approximately $197 million of debt principal and accrued interest, extending its senior credit facility to a 10-year term with no cash payments until April 2027, and adding a $10 million convertible note tied to a further $10 million senior debt reduction. Subsequent to year end, an existing strategic investor provided an additional $15 million of growth capital.

The company ended 2025 with $10.7 million in cash and restricted cash, approximately 22.2 million common shares outstanding and a fully diluted share count of about 36.0 million. Operationally, Local Bounti reports its facilities running at full capacity, an approximate 10% increase in run-rate yields from tower upgrades, and continued distribution expansion to roughly 13,000 retail doors along with new retail accounts and a more than 600% increase in 2025 sales to a major e-commerce and direct-to-consumer customer.

Local Bounti Corporation received a new financing commitment from an affiliate of its largest shareholder. On March 13, 2026, U.S. Bounti, LLC acquired a $15,000,000 convertible note and a warrant to buy 5,500,000 shares of common stock, funded with cash on hand.

The note bears 7.0% annual interest, initially paid in kind, and is convertible at $2.50 per share, with automatic conversions on the fourth anniversary and on March 13, 2031, subject to conditions. The warrant is exercisable immediately at $0.125 per share and expires on March 13, 2036. Charles R. Schwab is reported to beneficially own 17,912,637 shares, or 79.8% of the 22,224,121 shares outstanding as of March 16, 2026, through various entities and trusts.

Local Bounti Corporation reported an insider transaction involving a major financing by an entity associated with 10% owner Charles R. Schwab. On March 13, 2026, U.S. Bounti, LLC purchased from Local Bounti a convertible note with an initial principal balance of $15 million and a warrant to buy 5,500,000 shares of common stock at an exercise price of $0.125 per share. Both securities are held indirectly through U.S. Bounti, LLC. The agreement limits the shares that can be issued on conversion or exercise to 222,241 shares of common stock until stockholder approval required by the New York Stock Exchange is obtained and deemed effective. Local Bounti is required to seek this approval at a stockholder meeting to be held no later than June 30, 2026.

Local Bounti Corporation entered a financing deal with U.S. Bounti, LLC involving a $15.0 million convertible note and a warrant for 5,500,000 common shares. The note carries 7.0% annual interest, initially paid-in-kind by increasing principal, and is convertible at $2.50 per share. Half of the note balance will automatically convert on the fourth anniversary and the rest at maturity, with options to repay in cash if conditions are met. Full conversion of the initial principal would issue 6,000,000 shares, plus any added PIK interest. The warrant is immediately exercisable at $0.125 per share for 10 years. Share issuance from conversions and exercises is capped at 1% of outstanding common stock until required stockholder approval, which the company must seek by June 30, 2026. A related letter with Cargill revised minimum liquidity covenants to $3.5 million through September 30, 2026 and $2.0 million thereafter, and delayed minimum EBITDA testing to March 31, 2027.

Local Bounti Corporation received a notice from the New York Stock Exchange that it is not in compliance with the NYSE’s Minimum Market Capitalization Standard, because its average global market capitalization over 30 trading days and its last reported stockholders’ equity were each below $50 million.

The company has 45 days from February 5, 2026 to submit a plan showing how it will regain compliance within a nine‑month cure period. If the NYSE accepts the plan, Local Bounti’s shares may continue trading during this period, subject to ongoing review, but failure to submit or execute an acceptable plan could lead to suspension and delisting.

The notice does not immediately affect trading, and the company states it is considering all available options, while cautioning there is no assurance it will maintain its NYSE listing.

Local Bounti Corporation’s General Counsel and Secretary, Margaret McCandless, reported a routine tax‑related share withholding. On February 1, 2026, the company withheld 2,874 shares of common stock at $2.10 per share to cover withholding taxes on previously awarded restricted stock units. After this non-open-market transaction, McCandless beneficially owned 74,930 shares of Local Bounti common stock directly.