Leo Holdings III in a news release today said it had achieved a quorum of Leo’s shareholders who will vote tomorrow on the $1.1 billion business combination with Local Bounti, a disruptive AgTech company. The SPAC said it will achieve all transaction requirements, including the minimum cash stipulation.
If approved, Local Bounti stock and warrants will begin trading on the NYSE under LOCL and LOCL WS.
As of Nov. 5, the SPAC had secured PIPE commitments of $150 million and had about $275 million cash in trust. The PIPE alone will satisfy the minimum cash requirement for the business combination to close, Leo Holdings III said at the time. Read more.
