Local Bounti Raises ~$23M Via PIPE Financing

Local Bounti Corp LOCL has proposed an equity raise to support the continued scale-up of its organization.
The equity raise will also help build-out of its network of Controlled Environment Agriculture (CEA) facilities that leverage its proprietary Stack & Flow Technology to significantly improve crop turns, increase output and improve unit economics.
Local Bounti arranged a $23.3 million private investment in public equity (PIPE) investment with significant investment coming from existing investors, including Fidelity Management & Research Company and BNP Paribas BNPQY.
Local Bounti has agreed to issue and sell in a private placement an aggregate of approximately 9.3 million of its shares at a price per share of $2.50, the closing price of the company's common stock on October 20, 2022.
"We are very focused on delivering high quality, great tasting produce grown locally and closer to the consumer and this financing allows us to continue to strategically expand our national footprint to meet robust demand from our existing customer base," said CFO Kathleen Valiasek.
Price Action: LOCL shares are trading lower by 2.57% at $2.46 on the last check Monday.