If PIPE's had a 360 day lock-up period I'd be more impressed.
From AgFunder, June 23:
Local Bounti agrees $1.1bn SPAC deal backed by Cargill
Why it matters:
- US indoor farming startup Local Bounti will be listed on the New York Stock Exchange after agreeing to merge with Leo Holdings III Corp, a special purpose acquisition company (SPAC).
- The merger, which values the Hamilton, Montana-based indoor farmer at $1.1 billion, is expected to provide $400 million in gross proceeds – including a $125 million private investment in public equity (PIPE) deal anchored by BNP Paribas, Cargill, Fidelity, and Sarath Ratanavandi – CEO of Thailand’s Gulf Energy Development.
- Cargill has separately agreed to provide $200 million in debt financing to Local Bounti.
Local Bounti operates a single facility growing leafy greens, which are sold in about 400 stores run by retailers and cooperatives including Associated Food Stores, Rosauers, Super 1 Foods, URM, and Yoke’s....
....MORE
We're going to have salads coming out of our ears, but I suppose it beats eating bugs.
- "US vertical farming group AeroFarms joins unicorn club, strikes SPAC deal to go public"
- "Vertical farms nailed tiny salads. Now they need to feed the world"
- Vaclav Smil: "How Much Energy Does It Take to Grow a Tomato?"
- "Pricey Greens From Indoor Farms Are Thriving in the Covid Era"
- ICYMI: Indoor Farming Company AppHarvest Came Public Via SPAC (APPH)
For our thinking on SPAC's and PIPE's:
