HAMILTON, Mont., Nov. 22, 2021 /PRNewswire/ -- Breakthrough
U.S. indoor agriculture company Local Bounti Corporation ("Local
Bounti"), today announced the successful closing of its
approximately $1.1 billion business
combination with Leo Holdings III Corp (NYSE:LIII) ("Leo"), a
publicly traded special purpose acquisition company, on
November 19, 2021. As a result of the
closing of the business combination, Leo was renamed Local Bounti
Corporation. The common stock and public warrants of Local Bounti
will begin trading on the New York Stock Exchange today,
November 22, 2021, under the ticker
symbols "LOCL" and "LOCL WS," respectively.
"We are incredibly fortunate to have found and to partner with a
leading AgTech business like Local Bounti, which is pioneering the
field of sustainably grown produce," said Edward C. Forst, Chairman of Leo. "Local
Bounti's top tier management team and differentiated business model
make it well-positioned to enter the public market and launch into
this next chapter. We are truly excited to support the company's
future growth as it continues to disrupt the agriculture industry
and drives to maximize shareholder returns."
"This is a truly exciting moment in Local Bounti's history and a
testament to the support of our employees, our customers, Leo, and
our shareholders," said Craig
Hurlbert, Co-CEO of Local Bounti. "We are thankful for all
of their support and look forward to ramping our growth with the
right people and capital structure in place as a public company to
make our name known as a leading provider of sustainable produce to
retail customers and consumers who seek a better, fresher product
from a company doing right by them and our planet's resources."
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.
Advisors
Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and
Nomura Securities International, Inc. served as placement agents on
the PIPE and Debevoise & Plimpton LLP served as legal advisor
to the placement agents. Kirkland & Ellis LLP served as legal
advisor to Leo. Deutsche Bank Securities Inc. served as sole
underwriter for Leo's initial public offering. Morgan
Stanley & Co. LLC and Nomura Greentech served as financial
advisors to Local Bounti and Orrick
Herrington & Sutcliffe LLP served as legal advisor to
Local Bounti.
Forward Looking Statements
This press release includes forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as "feel," "believes," expects,"
"estimates," "projects," "intends," "should," "is to be," or the
negative of such terms, or other comparable terminology.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein due to many factors, including, but not
limited to: Local Bounti's ability to generate revenue; the risk
that Local Bounti may never achieve or sustain profitability; the
risk that Local Bounti could fail to effectively manage its future
growth; the risk that Local Bounti will fail to obtain additional
necessary capital when needed on acceptable terms, or at all, which
may force Local Bounti to delay, limit, reduce or terminate its
operations and future growth; Local Bounti's ability to build out
additional facilities, which will require significant expenditures
for capital improvements and operating expenses and may be subject
to delays in construction and unexpected costs due to governmental
approvals and permitting requirements, reliance on third parties
for construction, delays relating to material delivery and supply
chains, and fluctuating material prices; Local Bounti's ability to
decrease its cost of goods sold over time, which is dependent on
its ability to scale its operations and Local Bounti may not be
able to achieve such decreases due to factors outside of its
control such as inflation or global supply chain interruptions;
potential for damage to or problems with Local Bounti's CEA
facilities; Local Bounti's ability to attract and retain qualified
employees; Local Bounti ability to develop and maintain its brand;
Local Bounti's ability to maintain its company culture or focus on
its vision as it grows; Local Bounti's ability to execute on its
growth strategy; the risks of diseases and pests destroying crops;
Local Bounti's ability to compete successfully in the highly
competitive natural food market; Local Bounti's ability to defend
itself against intellectual property infringement claims; changes
in consumer preferences, perception and spending habits in the food
industry; demand for lettuce, cilantro, basil and other greens and
herbs is subject to seasonal fluctuations; and 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 historical filings with the SEC and Local Bounti'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. Local
Bounti cautions that the foregoing list of factors is not
exclusive. Local Bounti cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date they are made. Local Bounti 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
