Local Bounti Corporation (LOCL) has released an update to notify the public and investors about an entry into a material definitive agreement.
Local Bounti Corporation and certain subsidiaries amended their credit agreements with Cargill Financial, with the latest Eighth Amendment permitting payment in kind for interest due at the end of March 2024. Concurrently, they amended the terms of a Common Stock Purchase Warrant, adjusting the exercise price from $13.00 to $6.50 per share post a reverse stock split, maintaining the number of shares Cargill Financial can purchase at 5,353,846. These amendments are detailed in full in the accompanying official documents.
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