What Happened to Local Bounti Corporation?
Ticker: LOCLSPAC Year: 2021
Return
-88.9%
Current Price
$1.11
Peak Price
$167.31
Trust Size
$418M
Summary
Local Bounti is a controlled environment agriculture company growing leafy greens and herbs in indoor facilities using a proprietary combination of greenhouse and vertical farming technology.
What Happened
Local Bounti went public in November 2021 through a merger with Leo Holdings III Corp at a $1.1 billion valuation backed by Cargill and Fidelity. The Montana-based company uses its Stack & Flow technology to grow produce locally with less water and land. However, the company has struggled with high capital costs, facility buildout delays, and cash burn, undergoing a reverse stock split. The stock trades at a tiny fraction of its SPAC-era valuation.
Timeline
2021-02-22
S-1 Registration Filed