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Local Bounti Corporation (LOCL) is calling a virtual special stockholder meeting on November 4, 2026 to approve NYSE-required authorization for share issuances tied to a financing from its majority owner, U.S. Bounti. In August 2026, Local Bounti issued a $12.5 million convertible note and a warrant to U.S. Bounti. The note carries 7.0% interest and an initial conversion price of $1.37 per share; the warrant is immediately exercisable for up to 1,000,000 shares at $0.125 per share. Full conversion of principal at $1.37 would yield 9,124,088 shares, or up to 12,797,005 shares including maximum PIK interest, versus 23,369,605 shares outstanding before the Purchase Agreement. Because U.S. Bounti is an NYSE “Active Related Party” and the conversion and warrant prices are below the NYSE “Minimum Price,” stockholder approval is required to issue more than 1% of outstanding shares for this transaction. A second proposal would permit adjournment of the meeting to solicit additional proxies if needed. The company warns that approval could significantly dilute other holders and that U.S. Bounti and entities controlled by Charles R. Schwab already beneficially own 74.3% of the common stock.
Local Bounti Corporation reported higher sales but continued losses for the six months ended June 30, 2026. Sales rose to $27.2 million from $23.7 million, driven by increased production at facilities in Georgia, Texas, and Washington. However, cost of goods sold grew faster than revenue, and gross profit slipped to $2.6 million.
The company posted a six‑month net loss of $32.5 million, a substantial improvement from $59.3 million a year earlier, helped by lower research and development, general and administrative spending, and a sharp reduction in interest expense after restructuring its debt. Cash and restricted cash totaled $10.1 million, while long‑term debt stood at $489.3 million, including a $302.8 million Senior Facility, contributing to a stockholders’ deficit of $196.9 million.
Management evaluated going‑concern conditions and believes that existing cash, expected cash from product sales, and a $12.5 million August 2026 convertible note and warrant financing will fund operations for at least 12 months. A prior minimum liquidity covenant breach under the Cargill Senior Facility was waived, and the covenant was reset. The company continues to focus on yield improvements, cost reductions, and expanding distribution to approximately 13,000 retail locations.
Local Bounti Corporation reported preliminary results for the quarter ended June 30, 2026. Sales rose to $13.9 million, up 14% from $12.1 million a year earlier, driven by increased production at facilities in Georgia, Texas, and Washington. Gross profit was $1.0 million versus $1.5 million, and adjusted gross margin declined to 27% from 30% due to temporary packing inefficiencies in Georgia. General and administrative expenses fell to $7.5 million, with adjusted G&A down 17% to $4.1 million.
Net loss narrowed to $19.8 million from $21.6 million, while adjusted EBITDA loss improved to $5.8 million from $7.1 million. The company ended the quarter with $10.1 million in cash, cash equivalents, and restricted cash, and subsequently received an additional $12.5 million investment from an existing strategic investor via a convertible note and warrant. As of June 30, 2026, Local Bounti reported a stockholders’ deficit of $196.9 million and fully diluted share count of about 42.5 million, and highlighted ongoing going‑concern and capital‑raising risks even as it targets positive adjusted EBITDA.
Local Bounti Corporation reported updated ownership and financing details following an August 7, 2026 transaction with U.S. Bounti, LLC. Entities associated with Charles R. Schwab beneficially own 29,424,092 shares of common stock, representing 84.4% of the class based on 23,369,605 shares outstanding as of August 6, 2026. U.S. Bounti itself beneficially owns 28,283,696 shares, or 81.1%.
On August 7, 2026, U.S. Bounti purchased from Local Bounti a $12,500,000 convertible note and a warrant to buy 1,000,000 shares of common stock for a combined $12,500,000, funded with cash on hand. The note bears 7.0% interest, payable initially as PIK interest, and is convertible at an initial price of $1.37 per share; full conversion of the initial principal would result in 9,124,088 shares, subject to increase from PIK interest. The warrant is immediately exercisable at $0.125 per share and expires on August 7, 2036. Issuances upon conversion or exercise are capped at 1% of outstanding common stock until required stockholder approval, which the company is required to seek by November 30, 2026.
Local Bounti Corporation reported a Form 4 for 10% owner Charles R. Schwab in connection with securities held indirectly through U.S. Bounti, LLC. On August 7, 2026, U.S. Bounti entered into a Purchase Agreement with Local Bounti to buy, for a combined $12.5 million, a $12.5 million convertible note initially convertible into 9,124,088 shares of common stock at $1.37 per share and a warrant to purchase 1,000,000 common shares at an exercise price of $0.125 per share. U.S. Bounti cannot receive more than 233,696 common shares from converting the note or exercising the warrant until required stockholder approval, which the company is required to seek at a special meeting no later than November 30, 2026.
On August 7, 2026, Local Bounti Corporation entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC for a $12.5 million convertible note and a warrant to purchase 1,000,000 common shares. Proceeds are intended for working capital and general corporate purposes.
The note bears 7.0% annual interest, initially paid as payment-in-kind interest added to principal, and is convertible at an initial $1.37 per share. Full conversion of the initial principal would result in 9,124,088 shares, with automatic conversion of half the obligations on the fourth anniversary and the remainder at maturity, subject to an option to repay in cash if conditions are met. The warrant is immediately exercisable at $0.125 per share for 10 years.
Until stockholders approve the transaction under New York Stock Exchange rules, U.S. Bounti is limited to receiving no more than 1% of outstanding common stock from conversions or warrant exercises. A concurrent letter agreement with Cargill Financial revises the Senior Credit Agreement, reducing the minimum liquidity covenant to $3.5 million through March 31, 2027 and $2.0 million from April 1, 2027 onward, and permits certain interest to be paid in kind.
Local Bounti Corporation’s major holder updates its ownership disclosure following a tax-related share sale. Wheat Wind Farms, LLC reports beneficial ownership of 1,177,386 shares of Local Bounti common stock, representing 5.2% of the outstanding shares. Craig M. Hurlbert reports beneficial ownership of 1,683,923 shares, or 7.4% of the company.
The filing explains that on July 2, 2026, Mr. Hurlbert sold 45,766 shares of Local Bounti common stock to cover tax withholding obligations tied to the settlement of equity awards through a “sell to cover” transaction. Aside from this tax-related sale, the reporting persons state they have not engaged in other transactions in the stock during the 60 days before this statement.
Local Bounti Corporation President and CEO Kathleen Valiasek reported an open-market sale related to tax withholding. She sold 118,720 shares of common stock at $1.30 per share through a “sell to cover” transaction tied to the settlement of equity awards. After this sale to satisfy tax obligations, she directly holds 1,524,860 shares of Local Bounti common stock.
Local Bounti Corporation announced that Executive Chairman and director Craig Hurlbert and director Matthew Nordby intend to resign from the Board, effective June 18, 2026. The company states their decisions were not based on any disagreement with management.
After these resignations, the Board size will be reduced from eight to six members. Travis Joyner will become Chairman of the Board, while Mark Nelson will serve as Lead Independent Director and chair multiple committees. Craig Hurlbert will continue with the company as an employee.
SCHWAB CHARLES R JR. reported acquisition or exercise transactions in this Form 4 filing.
Local Bounti Corporation director Charles R. Schwab Jr. received an award of 62,949 shares of common stock at a price of $0.00 per share, structured as restricted stock units (RSUs). After this grant, he holds a total of 606,699 shares directly. The RSUs will vest on the earlier of the day before the company’s next annual stockholders’ meeting or June 10, 2027, and the award is conditioned on his continued service as a director.