Local Bounti announced it secured $10 million in financing through the issuance of a convertible note to an existing investor. The convertible note carries a 5-year maturity and a 6.0% annual interest rate, payable in kind.
In conjunction with this financing, the company also amended its existing credit facility, resulting in a $10 million reduction in the principal balance. This move reinforces the company's balance sheet and positions it for continued operational strength.
As part of the transaction, Local Bounti will issue a warrant to the investor, allowing the purchase of up to 550,000 shares of common stock at an exercise price of $0.125 per share. The remaining terms of the company's senior debt facility are consistent with the restructured agreements entered into on March 31, 2025.
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