HAMILTON, Mont., April 5, 2024 /PRNewswire/ -- Local Bounti
Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a
breakthrough U.S. indoor agriculture company, today announced that
on April 3, 2024, it received a
notice (the "Notice") from the New York Stock Exchange (the "NYSE")
that it is not in compliance with the NYSE continued listing
standards set forth in Section 802.01B of the NYSE Listed Company Manual (the
"Minimum Market Capitalization Standard") due to the fact that the
Company's average global market capitalization over a consecutive
30 trading-day period was less than $50
million and, at the same time, its stockholders' equity was
less than $50 million.
In accordance with NYSE procedures, the Company intends to
notify the NYSE that it plans to submit a plan within 45 days of
receipt of the Notice advising the NYSE of definitive action it has
taken, or is taking, to bring it into compliance with the Minimum
Market Capitalization Standard within 18 months of receipt of the
Notice (the "Market Capitalization Cure Period"). Any plan
submitted by the Company to regain compliance would be subject to
NYSE approval.
The Notice has no immediate impact on the listing of the
Company's common stock, which will continue to trade on the NYSE
during the Market Capitalization Cure Period. The Company is
considering all available options to regain compliance with the
NYSE continued listing standards. The Company can provide no
assurances that it will be able to satisfy any of the steps
outlined above and maintain the listing of its shares on the
NYSE.
About Local Bounti
Local Bounti is redefining indoor farming with an innovative
method – its patented Stack & Flow Technology® – that
significantly improves crop turns, increases output and improves
unit economics. Local Bounti operates advanced indoor growing
facilities across the United
States, servicing approximately 13,000 retail doors. Local
Bounti grows healthy food utilizing a hybrid approach that
integrates the best attributes of controlled environment
agriculture with natural elements. Local Bounti's sustainable
growing methods are better for the planet, using 90% less land and
90% less water than conventional farming methods. With a mission to
'bring our farm to your kitchen in the fewest food miles possible,'
Local Bounti's food is fresher, more nutritious, and lasts longer
than traditional agriculture. To find out more, visit
localbounti.com or follow Local Bounti on LinkedIn for the latest
news and developments.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events, such as any potential plans of the Company
to cure the Minimum Market Capitalization Standard and
stockholders' equity deficiency. In some cases, you can identify
these forward-looking statements by the use of terms such as
"expect," "will," "continue," "believe," "estimate," "project,"
"intend," "should," "is to be," or similar expressions, and
variations or negatives of these words, but the absence of these
words does not mean that a statement is not forward-looking. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
We have based these forward-looking statements on our current
expectations and assumptions and analyses made by us in light of
our experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate under the circumstances.
However, whether actual results and developments will conform with
our expectations and predictions is subject to a number of risks
and uncertainties, many of which are beyond our control, including
the Company's ability to regain compliance with the Minimum Market
Capitalization Standard within the Market Capitalization Cure
Period, the Company's ability to continue to comply with applicable
listing standards of the NYSE, and the other factors under the
heading "Risk Factors" in our Annual Report on Form 10-K for the
year ended December 31, 2023, filed
with the Securities and Exchange Commission (the "SEC") on
March 28, 2024, and in other filings
that the Company has made and may make with the SEC in the future.
All of the forward-looking statements made in this press release
are qualified by these cautionary statements. The actual results or
developments anticipated may not be realized or, even if
substantially realized, they may not have the expected consequences
to or effects on the Company or our business or operations. Such
statements are not intended to be a guarantee of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. You should not place
undue reliance on these forward-looking statements, which are made
only as of the date of this press release. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
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SOURCE Local Bounti
