We are advising disruptive AgTech company Local Bounti on its definitive agreement to become publicly traded via a merger with Leo Holdings III Corp. (NYSE: LIII), a publicly-traded special purpose acquisition company. The transaction values the combined company at an equity value of $1.1 billion.
Upon closing of the transaction, which is expected in the fourth quarter of 2021, the combined company will be named Local Bounti Corporation and is expected to remain listed on the NYSE under the symbol “LOCL.”
As part of the transaction, Local Bounti will receive up to $400 million in gross proceeds, including $125 million from a fully committed common stock PIPE transaction by existing and new investors, including Fidelity Management & Research Company LLC, BNP Paribas Funds Ecosystem Restoration Fund, Cargill and Lamb Weston.
The Orrick team advising Local Bounti is led by Matthew Gemello and Albert Vanderlaan and includes Jim Kramer, Juliano Banuelos, Samantha Caluori, Rachel Rice, Angela Chen, Craig Shepard, Fallon Griffin, J. T. Ho, Steven Malvey, Pete Elias, Nicole Walsh, Sarah Schaedler, Daniel Yost, Harry Clark, Lynne Hirata, Michael Wiesner, Jennifer Clarke-Smith, Scott Porter, Jennifer Wang, Kimberly Loocke and Karen Cannon.