HAMILTON, Mont., June 20,
2024 /PRNewswire/ -- Local Bounti Corporation (NYSE:
LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor
agriculture company, announced today it received notification (the
"Acceptance Letter") from the New York Stock Exchange ("NYSE") that
the NYSE has accepted the Company's previously-submitted plan (the
"Plan") to regain compliance with the NYSE's continued listing
standards. In the Acceptance Letter, the NYSE granted the Company
an 18-month period from the Company's receipt of the NYSE's
April 3, 2024, notice of
noncompliance (the "Plan Period") to regain compliance with the
continued listing standards.
As previously reported, on April 3,
2024, the Company received a notice from the NYSE stating
that it is not in compliance with the NYSE continued listing
standards set forth in Section 802.01B of the NYSE Listed Company Manual due to
the fact that the Company's average global market capitalization
over a consecutive 30 trading-day period was less than $50 million and, at the same time, its
stockholders' equity was less than $50
million.
The Company will be subject to quarterly reviews by the NYSE
during the Plan Period for compliance with the goals and
initiatives in the Plan. If the Company does not regain compliance
with the NYSE listing standards by the end of the Plan Period, or
if the Company does not make sufficient progress consistent with
the Plan, then the NYSE may initiate delisting proceedings.
The Company's stock will continue to be listed on the NYSE
during the Plan Period. The Company's receipt of such notification
from the NYSE does not affect the Company's business, operations or
reporting requirements with the U.S. Securities and Exchange
Commission.
About Local Bounti
Local Bounti is redefining indoor farming with an innovative
method – its patented 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 13,000 retail doors. Local
Bounti grows healthy food utilizing a hybrid approach that
integrates the best attributes of controlled environment
agriculture with natural elements. Local Bounti's sustainable
growing methods are better for the planet, using 90% less land and
90% less water than conventional farming methods. With a mission to
'revolutionize agriculture, ensuring accessibility to fresh,
sustainable, locally grown produce and nourishing communities
everywhere for generations to come,' 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
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify these forward-looking statements by the use of
terms such as "expect," "will," "continue," "believe," expect,"
"estimate," "project," "intend," "should," "is to be," or similar
expressions, and variations or negatives of these words, but the
absence of these words does not mean that a statement is not
forward-looking. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements, including, but not limited to, statements regarding the
Company's plans to regain compliance with the NYSE's continued
listing standards. These statements are subject to known and
unknown risks, uncertainties and other factors that may cause our
actual results, levels of activity, performance, or achievements to
differ materially from results expressed or implied in this press
release. The following factors, among others, could cause actual
results to differ materially from those described in these
forward-looking statements: the risk that Local Bounti will fail to
obtain additional necessary capital when needed on acceptable
terms, or at all; the risk that Local Bounti will not be able to
close the financings contemplated by the previously announced
conditional commitment letters; Local Bounti's ability to
effectively integrate the acquired operations of any CEA or similar
operations which it acquires into its existing operations; the
ability of Local Bounti to retain and hire key personnel; the
Company's ability to meet the continued listing requirements of the
New York Stock Exchange or cure noncompliance; the uncertainty of
projected financial information; if and when the Company will
repurchase the stock authorized by its Board of Directors and the
impact of the share repurchase program to the Company and its
stockholders; Local Bounti's increased leverage as a result of
additional indebtedness incurred in connection with the acquisition
of Pete's or as the result of the incurrence of additional future
indebtedness; restrictions contained in Local Bounti's debt
facility agreements with Cargill; Local Bounti's ability to repay,
refinance, restructure and/or extend its indebtedness as it comes
due; 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; Local Bounti's ability to build out additional facilities;
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; potential for damage to or problems with Local Bounti's
CEA facilities; Local Bounti's ability to attract and retain
qualified employees, including management; Local Bounti's ability
to develop and maintain its brand or brands it may acquire; 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; seasonality; Local Bounti's ability to achieve its
sustainability goals; and other risks and uncertainties indicated
from time to time, including those under "Risk Factors" and
"Forward-Looking Statements" in Local Bounti's Annual Report on
Form 10-K for the year ended December 31,
2023, filed with the SEC on March 28,
2024, as supplemented by other reports and documents Local
Bounti files from time to time with the SEC. Local Bounti cautions
that the foregoing list of factors is not exclusive and cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date hereof. 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
