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Stockholders approve issuance of up to 13.5M shares for U.S. Bounti convertible note conversion
LOCLLocal Bounti Corporation
Local Bounti Corporation stockholders approved the issuance of up to 12,563,309 common shares upon conversion of a convertible note held by U.S. Bounti, LLC, and up to 1,000,000 shares underlying associated warrants. This approval was required to comply with New York Stock Exchange rules regarding shareholder authorization for issuances exceeding certain thresholds. The vote passed with approximately 95% in favor of the proposal. Local Bounti Corporation operates in the controlled environment agriculture industry, focusing on vertical farming and sustainable food production.