Orrick Advises Local Bounti on PIPE Financing

Orrick advised indoor agriculture company Local Bounti (NYSE: LOCL, LOCL WS) on its $23.3 million PIPE offering with Fidelity Management & Research Company, BNP Paribas and other existing investors.

Pursuant to the Securities Purchase Agreement, Local Bounti sold 9,320,000 shares of Common Stock at a purchase price of $2.50 per share. The offering fully closed on November 2, 2022.

This equity raise will support Local Bounti’s continued scale-up and the build-out of its network of Controlled Environment Agriculture facilities that leverage its technology to improve crop turns and unit economics, and increase output.

The Orrick team advising on the transaction was led by Albert Vanderlaan and included Cynthia Angell, Angela Chen and Whitney Rosser.