NEW PROVIDENCE, The Bahamas,
Nov. 17, 2021 /PRNewswire/
-- Leo Holdings III Corp (NYSE:LIII) ("Leo"), a publicly
traded special purpose acquisition company, today announced the
passing of the business combination proposal and other proposals at
its extraordinary general meeting of Leo's shareholders held at
9:00 a.m. New York City Time on
Tuesday, November 16, 2021 (the
"Extraordinary General Meeting"), in connection with its
~$1.1 billion business combination
with Local Bounti Corporation ("Local Bounti"), a disruptive AgTech
company. Leo also announced the passing of the proposal to amend
certain provisions of its warrants at its special meeting of
warrant holders held at 9:30 a.m. New
York City Time on the same date.
Approximately 98% of the votes cast on the business combination
proposal at the Extraordinary General Meeting were in favor of
approving the business combination.
Subject to the satisfaction or waiver of the other closing
customary closing conditions, the business combination (the
"Business Combination") is expected to close early the week of
November 22, 2021. Upon closing, Leo
will change its name to Local Bounti Corporation and the common
stock and warrants of the combined company are expected to begin
trading following closing on the New York Stock Exchange under the
ticker symbols "LOCL" and "LOCL WS," respectively.
"We are excited to be on this journey with Local Bounti and
humbled to partner with their leadership team as a public company,"
said Edward C. Forst, Chairman of
Leo. "This is a transformative next step for Local Bounti as it
continues to disrupt the agriculture industry and revolutionize the
consumer relationship with fresh, local, and sustainable produce.
The company's differentiated business model enables products to be
grown 365 days a year with 90% less water and a vastly lower
environmental impact than traditional agriculture. As a public
company, consumers will not only benefit from Local Bounti's
expanded reach and product offering but will also have the
opportunity to support and invest in the company as public
shareholders. We have complete confidence in the Local Bounti
management team to deliver on their planned expansion and
realization of best-in-class unit economics, and we are excited to
support the team in this next stage of growth."
"Local Bounti is already delivering on our mission to provide
sustainably grown food through our proprietary methods and
technology," said Craig Hurlbert,
Co-CEO of Local Bounti. "As a public company, we will have the
capital flexibility and the platform to do even more in becoming a
leader in AgTech, sow the seeds of change in how food is grown with
less resources, and grow our business toward market leadership.
It's time to turn a new leaf and start a new chapter in
agriculture!"
About Local Bounti
Local Bounti is a premier controlled environment agriculture
(CEA) company redefining conversion efficiency and environmental,
social and governance (ESG) standards for indoor agriculture. Local
Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours' drive
of its retail and food service partners. Reaching retail shelves in
record time post-harvest, Local Bounti produce is superior in taste
and quality compared to traditional field-grown greens. Local
Bounti's USDA Harmonized Good Agricultural Practices (GAP Plus+)
and non-genetically modified organisms (GMO) produce is sustainably
grown using proprietary technology 365 days a year, free of
pesticides and herbicides, and using 90% less land and 90% less
water than conventional outdoor farming methods. With a mission to
'bring our farm to your kitchen in the fewest food miles possible,'
Local Bounti is disrupting the cultivation and delivery of produce.
Local Bounti is also committed to making meaningful connections and
giving back to each of the communities it serves. To find out more,
visit localbounti.com or follow the company
on LinkedIn for the latest news and developments.
Forward Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Leo's and Local Bounti's
actual results may differ from their expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Leo's and Local Bounti's expectations with respect to
future performance and anticipated financial impacts of the
proposed Business Combination, the satisfaction of the closing
conditions to the Business Combination and the timing of the
completion of the Business Combination. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside Leo's and Local Bounti's
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change or other circumstances that could give rise to
the termination of the Agreement and Plan of Merger, dated as of
June 17, 2021 (as it may be amended,
supplemented or otherwise modified from time to time, the "Merger
Agreement"), by and among Leo, Longleaf Merger Sub, Inc., Longleaf
Merger Sub II, LLC and Local Bounti; (2) the outcome of any
legal proceedings that may be instituted against Leo and Local
Bounti following the announcement of the Merger Agreement and the
transactions contemplated therein; (3) the inability to complete
the proposed Business Combination, including due to failure to
obtain approval of the shareholders of Leo or other conditions to
closing in the Merger Agreement; (4) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the Merger Agreement or could otherwise cause the
Business Combination to fail to close; (5) the amount of redemption
requests made by Leo's shareholders; (6) the inability to obtain or
maintain the listing of the post-business combination company's
common stock on the New York Stock Exchange following the proposed
Business Combination; (7) the risk that the proposed Business
Combination disrupts current plans and operations as a result of
the announcement and consummation of the proposed Business
Combination; (8) the ability to recognize the anticipated benefits
of the proposed Business Combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably and retain its key
employees; (9) costs related to the proposed Business Combination;
(10) changes in applicable laws or regulations; (11) the
possibility that Local Bounti or the combined company may be
adversely affected by other economic, business, and/or competitive
factors; and (12) other risks and uncertainties indicated from time
to time, including those under "Risk Factors" and "Cautionary Note
Regarding Forward-Looking Statements" in Leo's Quarterly Report on
Form 10-Q for the fiscal quarter ended September 30, 2021, and which are set forth in
the Registration Statement on Form S-4 (as
amended or supplemented through the date hereof, the "Registration
Statement"), which includes a joint proxy
statement/prospectus filed by Leo on July 19, 2021 and in
Leo's other filings with the SEC. Some of these risks and
uncertainties may in the future be amplified by the COVID-19
outbreak and there may be additional risks that we consider
immaterial or which are unknown. It is not possible to predict or
identify all such risks. Leo cautions that the foregoing list of
factors is not exclusive. Leo cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date they are made. Leo does not undertake or accept any
obligation or undertaking to update or revise any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based.
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SOURCE Local Bounti