LOCAL BOUNTI CORP Stock Price, News & Analysis

Local Bounti Corporation (NYSE: LOCL) announced its transformative acquisition of Pete's, expanding distribution to around 10,000 retail locations. For 2021, Local Bounti reported a gross margin of 32%, with sales up 678% to $638,000, but a net loss of $56.1 million. The acquisition, valued at $122.5 million, is expected to generate $22.7 million in 2021 revenue, with initial run-rate revenue projected at $30 million upon full production. The deal is expected to close in Q2 2022, enhancing operational synergies and driving growth in the controlled environment agriculture sector.

Local Bounti Corporation (NYSE: LOCL) announced its agreement to acquire Pete's, a California-based indoor farming company, for $122.5 million. The transaction will be financed with $92.5 million in cash from a lending facility and $30 million in Local Bounti stock. Pete's reported an estimated $22.7 million in revenue with gross margins of over 45% in 2021. The acquisition will enhance distribution across approximately 10,000 retail locations, improve operational efficiencies through Local Bounti's Stack & Flow Technology, and is expected to be accretive immediately.

Local Bounti Corporation (NYSE: LOCL) will announce its financial results for the fiscal year ending December 31, 2021, on March 15, 2022, before market open. The company specializes in controlled environment agriculture, combining vertical and greenhouse technologies. A conference call will follow at 8:30 a.m. ET to discuss the results. Local Bounti's operations in Hamilton, Montana focus on sustainable produce cultivation, using 90% less land and water compared to traditional methods, and adhering to strict USDA standards.

Local Bounti Corporation, a leader in indoor agriculture, successfully completed its $1.1 billion business combination with Leo Holdings III Corp on November 19, 2021. Following this merger, the company commenced trading under the ticker symbols 'LOCL' and 'LOCL WS' on the New York Stock Exchange starting November 22, 2021. Local Bounti aims to revolutionize sustainable agriculture with advanced growing methods, delivering pesticide-free products while minimizing resource usage. The firm is positioned for growth as it seeks to maximize shareholder returns and enhance its market presence.

Leo Holdings III Corp (NYSE:LIII) announced the passing of its business combination proposal with Local Bounti Corporation at an extraordinary meeting on November 16, 2021. Approximately 98% of votes supported the combination, expected to close the week of November 22, 2021. Following the merger, Leo will rebrand as Local Bounti and trade under the symbol LOCL. Local Bounti aims to revolutionize agriculture by using 90% less water and minimizing environmental impact, providing sustainably grown produce year-round.

Leo Holdings III Corp (NYSE:LIII) announced a successful quorum for its extraordinary general meeting on November 16, 2021, to discuss a business combination with Local Bounti Corporation, valued at approximately $1.1 billion. Shareholders have overwhelmingly supported the proposed merger, which includes a $25 million upsizing of the private investment in public equity (PIPE) financing, ensuring the minimum cash requirement for closure. The merger is expected to finalize in Q4 2021, with Leo rebranding as Local Bounti Corporation under the symbol LOCL post-transaction.

Local Bounti Corporation has appointed Mark McKinney as Chief Operating Officer. With over 20 years of experience, he will lead operations as the company expands its controlled environment agriculture (CEA) facilities. McKinney aims to enhance operational efficiencies while the company anticipates a Western U.S. market worth $10.6 billion for its products. David Vosburg will transition to Chief Innovation Officer, focusing on product development. Local Bounti plans to grow its product offerings and expand to additional facilities, enhancing its market presence.