Local Bounti Corporation Form 8-K Summary
Business Context and Reporting Period
Local Bounti Corporation filed a Form 8-K dated March 3, 2023, reporting an NYSE continued-listing deficiency. The company is incorporated in Delaware and is listed under the symbols LOCL and LOCL WS.
Financial Metrics and Liquidity
This filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics. The filing text does not provide a clear value for any such metrics.
Material Change Versus the Prior Comparable Period
On February 28, 2023, the company received written notice from the NYSE that its common stock had an average closing price below $1.00 over a consecutive 30-trading-day period, violating Section 802.01C of the NYSE Listed Company Manual.
- The notice did not immediately suspend or delist the common stock.
- The stock remains listed and traded on the NYSE, subject to compliance with other continued-listing requirements.
- The company has a six-month cure period following receipt of the notice.
- To regain compliance, the company must have a closing share price of at least $1.00 and a 30-trading-day average closing price of at least $1.00 on the last trading day of a calendar month during the cure period.
Outlook, Risks, and Unusual Items
Management intends to notify the NYSE that it plans to cure the deficiency and will consider available alternatives, including a reverse stock split requiring stockholder approval, no later than the next annual meeting if necessary.
Key risks include the company’s ability to regain compliance within the applicable cure period, continued compliance with other NYSE listing standards, and the potential effects of any reverse stock split or other corrective action. The filing states that forward-looking statements are subject to risks described in the company’s prior SEC filings and undertakes no obligation to update them, except as required by law.
Important Facts for Investors to Verify
- The date on which the NYSE notice was received and the applicable six-month cure-period deadline.
- Whether the company satisfies the $1.00 closing-price and 30-trading-day average requirements during the cure period.
- Whether the company proposes a reverse stock split and obtains the required stockholder approval.
- Whether the common stock remains compliant with all other NYSE continued-listing standards.
- The company’s financial condition and liquidity, which are not addressed in this filing.