# EDGAR Filing Document

**Accession Number:** 0001840780
**File Stem:** 0001840780-23-000005
**Filing Date:** 2023-3
**Character Count:** 15474
**Document Hash:** 1f97ace5f8d1eec9a295836b706fe7b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001840780-23-000005.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001840780-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230303

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Local Bounti Corporation/DE
- **CENTRAL INDEX KEY:** 0001840780
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **IRS NUMBER:** 981584830
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40125
- **FILM NUMBER:** 23704531

**BUSINESS ADDRESS:**
- **STREET 1:** 400 W. MAIN ST.
- **CITY:** HAMILTON
- **STATE:** MT
- **ZIP:** 59840
- **BUSINESS PHONE:** 406-361-3711

**MAIL ADDRESS:**
- **STREET 1:** 400 W. MAIN ST.
- **CITY:** HAMILTON
- **STATE:** MT
- **ZIP:** 59840

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Leo Holdings III Corp.
- **DATE OF NAME CHANGE:** 20210115

?xml version="1.0" ? locl-20230303

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 3, 2023**

**LOCAL BOUNTI CORPORATION**

**(Exact name of registrant as specified in its charter)**

**&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40125** | **98-1584830** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
| | **400 W. Main St.** | |
| **Hamilton** | **MT** | **59840** |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |

---

**Registrant's telephone number, including area code: (800) 640-4016**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common stock, par value $0.0001 per share** | **LOCL** | **New York Stock Exchange** |
| **Warrants, each exercisable for one share of Common Stock for $11.50 per share** | **LOCL WS** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.**

On February 28, 2023, Local Bounti Corporation (the "***Company***") received written notice from the New York Stock Exchange (the "***NYSE***") that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 over a consecutive 30 trading-day period. The notice has no immediate effect on the listing of the Company's common stock, which will continue to be listed and traded on the NYSE, subject to the Company's compliance with other NYSE continued listing standards.

In accordance with the NYSE Listed Company Manual, the Company intends to notify the NYSE of its intent to cure the stock price deficiency and return to compliance with the NYSE continued listing standards. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during such cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval, no later than at the Company's next annual meeting of stockholders, if necessary to cure the stock price non-compliance.

The Company's common stock will continue to be listed and trade on the NYSE during the six-month cure period, subject to the Company's compliance with other NYSE continued listing standards.

**Item 7.01 Regulation FD Disclosure.**

As required by Section 802.01C of the NYSE Listed Company Manual, the Company issued a press release on March 3, 2023, announcing that it had received the notice of noncompliance with the NYSE's continued listing standard. A copy of the press release is furnished herewith as Exhibit 99.1.

The information furnished under this Item 7.01, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "***Securities Act***"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

***Cautionary Note Regarding Forward Looking Statements***

This Current Report on Form 8-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements generally relate to future events, such as any potential plans of the Company to cure the stock price deficiency, including by action that would require a stockholder vote. In some cases, you can identify forward-looking statements by terminology such as "intends," "plans," and "will," or the negative of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including the Company's ability to regain compliance with the continued listing standards of the NYSE within the applicable cure period, the Company's ability to continue to comply with applicable listing standards of the NYSE, and the other factors under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, as updated by our Quarterly Report on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2022, and in other filings that the Company has made and may make with the Securities and Exchange Commission in the future. All of the forward-looking statements made in this Current Report on Form 8-K are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Such statements are not intended to be a guarantee of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this Current Report on Form 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**Item 9.01. Financial Statements and Exhibits.** 

(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;99.1 | <u>[Press release dated March](a03-03x23pressreleasenyses.htm)[3](a03-03x23pressreleasenyses.htm)[, 2023](a03-03x23pressreleasenyses.htm)</u> |
| &nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (formatted as inline XBRL) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| |
|:---|
| **Local Bounti Corporation** |
| /s/ Kathleen Valiasek |
| Name: Kathleen Valiasek |
| Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

Date: March 3, 2023

## Exhibit 99.1

Exhibit 99.1

![image_0.jpg](image_0.jpg)

**Local Bounti Receives Continued Listing Standard Notice from NYSE** 

**HAMILTON, MT – March 3, 2023 –** 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 that it received notice from the New York Stock Exchange (the "NYSE") on February 28, 2023, indicating that Local Bounti is not in compliance with NYSE's continued listing standards because the average closing price of Local Bounti's common stock was less than $1.00 over a consecutive 30 trading-day period.

Under NYSE rules, Local Bounti has a period of six months from receipt of the notice to regain compliance with the NYSE minimum stock price listing requirement. The notice does not result in the immediate delisting of Local Bounti's common stock from the NYSE. Local Bounti intends to notify the NYSE of its intent to cure the stock price deficiency and return to compliance with the NYSE continued listing standards. Local Bounti intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval, no later than at Local Bounti's next annual meeting of stockholders, if necessary, to cure the stock price non-compliance. Local Bounti's common stock will continue to be listed and trade on the NYSE during this cure period, subject to Local Bounti's compliance with other NYSE continued listing standards.

**About Local Bounti**

Local Bounti is redefining indoor farming with an innovative method – its proprietary Stack & Flow Technology™ – that significantly improves crop turns, increases output and improves unit economics. Local Bounti operates advanced indoor growing facilities across the United States, servicing approximately 10,000 retail doors with its two brands: Local Bounti<sup>®</sup> and Pete's<sup>®</sup>. We grow healthy food utilizing a hybrid approach that integrates the best attributes of controlled environment agriculture with natural elements. Our sustainable growing methods are better for the planet, using 90% less land and 90% less water than conventional farming methods. With a mission to 'bring our farm to your kitchen in the fewest food miles possible,' Local Bounti's food is fresher, more nutritious, and lasts longer than traditional agriculture. To find out more, visit localbounti.com or follow Local Bounti on LinkedIn for the latest news and developments.

**Forward-Looking Statements** 

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as any potential plans of the Company to cure the stock price deficiency, including by action that would require a stockholder vote. In some cases, you can identify forward-looking statements by terminology such as "intends," "plans," and "will," or the negative of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including the Company's ability to regain compliance with the continued listing standards of the NYSE within the applicable cure period, the Company's ability to continue to comply with applicable listing standards of the NYSE, and the other factors under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, as updated by our Quarterly Report on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2022, and in other filings that the Company has made and may make with the Securities and Exchange Commission in the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Such statements are not intended to be a guarantee of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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**Contact:** 

Investor Relations and Media Contact

Jeff Sonnek

investors@localbounti.com

<br>