Recent Updates — LOCLW

Local Bounti Corporation entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC on August 7, 2026, issuing a convertible note with an initial principal balance of $12.5 million and a warrant to purchase 1,000,000 shares of common stock. The note bears interest at 7.0% per year, accruing as payment-in-kind semi-annually until December 31, 2029, with an initial conversion price of $1.37 per share. Fifty percent of the principal converts automatically on the fourth anniversary and the remainder upon maturity, though cash repayment options exist under certain conditions. The warrant is exercisable immediately at $0.125 per share for ten years. Concurrently, the company amended its Senior Credit Agreement with Cargill Financial to revise minimum liquidity covenants and permit payment-in-kind interest through June 30, 2027. Local Bounti Corporation operates in the agricultural technology sector, specializing in controlled environment agriculture and vertical farming solutions.