# Live Oak Ventures, LLC — capital_raise [pending]
Source: SEC API (secapi.ai) · situation sit_c5df87900746be947666 · retrieved 2026-08-14T01:42:05.902Z

## Overview
Local Bounti Corporation is an agriculture production company engaged in controlled environment agriculture (CEA) crop production.

On August 7, 2026, Local Bounti Corporation and U.S. Bounti, LLC entered into a convertible note and warrant purchase agreement. U.S. Bounti acquired a convertible note with an initial principal balance of $12,500,000 bearing interest at 7.0% per year, with interest accruing semi-annually and payable through principal increases (PIK Interest) until the third anniversary, after which interest may be paid quarterly in cash. The note is convertible at $1.37 per share, with 50% of the principal automatically converting on the fourth anniversary (August 7, 2030) and the remaining 50% on the maturity date of August 7, 2031. U.S. Bounti also received a warrant to purchase 1,000,000 shares of Common Stock at an exercise price of $0.125 per share, expiring August 7, 2036. The combined purchase price for the note and warrant was $12,500,000, funded with cash on hand. Conversion and warrant exercise are subject to a 1% ownership limitation unless stockholder approval is obtained by November 30, 2026.

## Terms
- Counterparty: U.S. Bounti, LLC · Deal value: $12.5M · Consideration: cash · Price/share: $0.125

## Key dates
- Announced 2026-08-10

## Timeline
- 2026-08-10 · SCHEDULE 13D/A (0000902664-26-003370): SCHEDULE 13D/A - Live Oak Ventures, LLC — *Local Bounti Corporation is an agriculture production company engaged in controlled environment agriculture (CEA) crop production.* On August 7, 2026, Local Bounti Corporation and U.S. Bounti, LLC entered into a convertible note and warrant purchase agreement. U.S. Bounti acquired a convertible note with an initial principal balance of $12,500,000 bearing interest at 7.0% per year, with interest accruing semi-annually and payable through principal increases (PIK Interest) until the third anniversary, after which interest may be paid quarterly in cash. The note is convertible at $1.37 per share, with 50% of the principal automatically converting on the fourth anniversary (August 7, 2030) and the remaining 50% on the maturity date of August 7, 2031. U.S. Bounti also received a warrant to purchase 1,000,000 shares of Common Stock at an exercise price of $0.125 per share, expiring August 7, 2036. The combined purchase price for the note and warrant was $12,500,000, funded with cash on hand. Conversion and warrant exercise are subject to a 1% ownership limitation unless stockholder approval is obtained by November 30, 2026.
  https://www.sec.gov/Archives/edgar/data/1896477/0000902664-26-003370.txt

## Citations
- 0000902664-26-003370 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000090266426003370