Entered into Agreement for $23.3 million PIPE with Fidelity Management & Research Company, BNP Paribas and other existing investors including management
HAMILTON, Mont., Oct. 24, 2022 /PRNewswire/ — Local Bounti Corporation (NYSE: LOCL, LOCL WS) (“Local Bounti” or the “Company”), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, today announced an equity raise to support the continued scale-up of its organization and build-out of its network of innovative Controlled Environment Agriculture (“CEA”) facilities that leverage its proprietary Stack & Flow Technology™ to significantly improve crop turns, increase output and improve unit economics.
“We are pleased to enter into this equity investment with the support of many of our marquee long-term shareholders, including our management team,” commented Kathleen Valiasek, CFO of Local Bounti. “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.”
The Company arranged a $23.3 million private investment in public equity (PIPE) investment (the “Offering”) in the Company with significant investment coming from existing investors, including Fidelity Management & Research Company and BNP Paribas. Under the terms of the…
