Local Bounti went public via a SPAC merger with Leo Holdings III in a $1.1bn deal.

Local Bounti, an indoor agriculture company, went public via a SPAC merger with Leo Holdings III, a special purposes acquisition company, in a $1.1bn deal. The transaction provided up to $400m of gross proceeds to the combined company, including $125m fully committed common stock PIPE at $10.00 per share anchored by existing and new investors, including institutional investors Fidelity Management & Research and BNP Paribas Asset Management Ecosystem Restoration Fund, and strategic partners Cargill and Sarath Ratanavadi of Gulf Energy Development Public. "This is a truly exciting moment in Local Bounti's history and a testament to the support of our employees, our customers, Leo, and our shareholders. We are thankful for all of their support and look forward to ramping our growth with the right people and capital structure in place as a public company to make our name known as a leading provider of sustainable produce to retail customers and consumers who seek a better, fresher product from a company doing right by them and our planet's resources," Lyndon Lea, Leo President and CEO.