Local Bounti, disruptive agtech company, closes business combination with Leo Holdings III Corp to list on NYSE under the ticker "LOCL"

Date:11-24-2021

Breakthrough U.S. indoor agriculture company Local Bounti Corporation ("Local Bounti"), has announced the successful closing of its approximately $1.1 billion business combination with Leo Holdings III Corp (NYSE:LIII) ("Leo"), a publicly traded special purpose acquisition company, on November 19, 2021. As a result of the closing of the business combination, Leo was renamed Local Bounti Corporation. The common stock and public warrants of Local Bounti will begin trading on the New York Stock Exchange today, November 22, 2021, under the ticker symbols "LOCL" and "LOCL WS," respectively.

"We are incredibly fortunate to have found and to partner with a leading AgTech business like Local Bounti, which is pioneering the field of sustainably grown produce," said Edward C. Forst, Chairman of Leo. "Local Bounti's top tier management team and differentiated business model make it well-positioned to enter the public market and launch into this next chapter. We are truly excited to support the company's future growth as it continues to disrupt the agriculture industry and drives to maximize shareholder returns."

"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," said Craig Hurlbert, Co-CEO of Local Bounti. "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."

About Local Bounti

Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours' drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti's USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90% less land and 90% less water than conventional outdoor farming methods. With a mission to 'bring our farm to your kitchen in the fewest food miles possible,' Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To find out more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.