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Local Bounti Corporation (NYSE:LOCL), a company specializing in agriculture production with a market capitalization of $22.27 million, has announced an amendment to its 2021 Equity Incentive Plan. According to InvestingPro data, the company faces significant financial challenges, with a weak overall financial health score and rapid cash burn rate. The amendment, which was approved by stockholders during the Annual Meeting on June 11, 2025, increases the number of shares available for awards by 2,473,042. The Board of Directors had previously approved the amendment on April 3, 2025, contingent on stockholder approval.
The Annual Meeting also saw the election of three Class I directors to the Board. Pamela Brewster, Michael Molnar, and Matthew Nordby were elected to serve three-year terms based on the votes cast by stockholders. Additionally, stockholders ratified the appointment of WithumSmith+Brown, PC as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.
Another significant development from the Annual Meeting was the approval of the issuance of shares of Common Stock upon the conversion of the company’s Series A Non-Voting Convertible Preferred Stock. This move was made in compliance with New York Stock Exchange rules.
Following the conversion of the preferred stock on June 11, 2025, the company reported that no shares of preferred stock remained outstanding, with a total of 21,709,496 shares of Common Stock issued and outstanding. The stock currently trades at $2.04, down 31.31% over the past year, with a current ratio of 2.03 indicating adequate short-term liquidity. InvestingPro analysis reveals 13 additional key insights about LOCL’s financial position and market performance.
The detailed results of the stockholder votes on the various matters presented at the Annual Meeting are included in the company’s SEC filing. The filing also includes a full text of the Plan Amendment as Exhibit 10.1, which provides comprehensive information on the changes made to the Equity Incentive Plan.
This report is based on the 8-K filing submitted by Local Bounti Corporation to the Securities and Exchange Commission on Monday, June 16, 2025. For deeper insights into LOCL’s financial health, debt structure, and growth prospects, access the comprehensive Pro Research Report available exclusively on InvestingPro, which provides detailed analysis of over 1,400 US stocks.
In other recent news, Local Bounti Corp reported a 38% increase in revenue for Q1 2025, reaching $11.6 million, despite a widening net loss of $37.7 million. The company is optimistic about achieving positive adjusted EBITDA by the third quarter of 2025, supported by operational improvements and a 20% yield increase at its Georgia facility. Local Bounti is expanding its distribution network, including a strengthened relationship with Walmart (NYSE:WMT), now serving 204 stores. Additionally, the company is engaged in discussions with multinational and national retailers for potential expansion into the Midwest. Analysts from firms like Oppenheimer and Lake Street Capital Markets have shown interest in the company’s operational strategies and debt restructuring efforts. Local Bounti’s financial outlook for Q2 2025 anticipates revenue between $12 million and $12.5 million. The company plans to continue expanding its product offerings and distribution reach to drive future growth.
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