Local Bounti agrees to $12.5 million convertible note and warrant sale to U.S. Bounti
Local Bounti Corporation entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC on August 7, 2026, providing a $12.5 million convertible note and a warrant for 1,000,000 shares of common stock. The note carries 7.0% interest and converts at $1.37 per share, which would result in 9,124,088 shares if the full principal converted, before any added PIK interest, so the deal would add to the share count if converted.
Key points
- Convertible note with an initial principal balance of $12.5 million, bearing 7.0% annual interest, with interest added to principal semi-annually (PIK) starting December 31, 2026.
- Initial conversion price of $1.37 per share; full principal conversion would result in 9,124,088 shares before PIK interest adjustments.
- Warrant to purchase 1,000,000 shares at $0.125 per share, exercisable immediately and expiring 10 years after the initial exercise date.
- Company must seek stockholder approval at a special meeting by November 30, 2026, as required by NYSE rules; the Senior Credit Agreement covenant was also revised with Cargill Financial.
The filing
Written by AI on Nov 9, 2026, 11:44 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 07, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.