Leo Holdings III today said it has secured an additional $25 million in private placement agreements to plump up its PIPE in support of the planned acquisition of agtech company Local Bounti. The additional funds boost the PIPE to $150 million. The SPAC also has about $275 million cash in trust.
The PIPE alone will satisfy the minimum cash requirement for the business combination to close, the SPAC said in a news release. Read more.
