Local Bounti (LOCL) Registration Filing summary

Company overview and business model

• Operates as a controlled environment agriculture (CEA) company producing sustainably grown produce, primarily living lettuce, herbs, salad kits, and loose leaf lettuce using patented Stack & Flow Technology®.

• Employs a hybrid vertical and greenhouse farming approach to optimize efficiency, reduce water and land use, and minimize pesticides compared to traditional agriculture.

• Distributes products to about 13,000 retail locations in 35 states, with major customers including Albertsons, Sam's Club, Kroger, Target, Walmart, Whole Foods, and AmazonFresh.

• Expanded through acquisition (notably Pete's in 2022) and new facility construction, reaching six facilities by 2024.

• Holds a leading 80% share of the CEA living butter lettuce market in the Western U.S. and continues to expand product offerings and geographic reach.

Financial performance and metrics

• As of September 30, 2025, 22,124,733 shares of common stock were outstanding; post-offering, up to 28,027,635 shares could be outstanding if all convertible notes and warrants are exercised.

• The convertible note issued in August 2025 has a $10 million principal, 6% annual interest, and a five-year term, convertible at $2.50 per share.

• The common stock purchase warrant allows for the purchase of up to 550,000 shares at $0.125 per share, exercisable for ten years.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by the selling stockholder.

• May receive up to $68,750 if the warrant is exercised for cash; such proceeds will be used for working capital and general corporate purposes.