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Leo Holdings III Corp.

LIII · NYSE

Trust settledLocal Bounti Corporation/DE · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Leo Investors III LP, listed on NYSE in March 2021.
What it's doing now
It agreed to buy Local Bounti Corporation/DE. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Local Bounti Corporation/DE — Bounti Local Bounti is redefining indoor farming with an innovative method – its proprietary Stack & Flow Technology TM – that significantly improves crop turns, increases output and improves unit economics.
Industry
the deal record does not name the target's industry yet
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
2 March 2021
size not on file
Headquarters
490 FOLEY LANE, HAMILTON, MT, 59840
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Schwab Charles R. · VALIASEK KATHLEEN (President and CEO) · SCHWAB CHARLES R JR. (Director)
Listed securities
LIII common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 2 March 2021IPOpassed

    IPO size not on file

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • Local Bounti Corporation/DE—
    closed

    What Local Bounti Corporation/DE does — read from localbounti.com on 26 August 2026

    Local Bounti is a company that locally grows leafy greens, herbs, and salad kits indoors using advanced, climate-controlled greenhouses. Their mission is to nourish communities for generations to come by providing fresh, sustainable produce while using 90% less land and water than traditional field agriculture. They operate greenhouses in locations including California, Georgia, Texas, Montana, and Washington.

    controlled environment agricultureleafy greensherbssalad kits
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $125M · unsourced

    PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.

    stated in:0001193125-21-217964 opens on sec.gov in a new tab

The score

deterministic, from filed fields

LIII is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Leo Holdings III Corp. was a Cayman Islands–incorporated special purpose acquisition company (SPAC) that completed its initial public offering on March 2, 2021, with its common shares trading on the New York Stock Exchange under the ticker symbol LIII. The company's registration statement on Form S-1 (File No. 333-252294) was initially filed with the U.S. Securities and Exchange Commission on January 21, 2021, and declared effective on February 25, 2021. The offering was structured as units, each consisting of one Class A ordinary share and one-fifth of one redeemable warrant, with each whole warrant entitling the holder to purchase one Class A ordinary share at an exercise price of $11.50. The base registration covered a proposed maximum aggregate offering price of $230 million, with an additional $46 million of securities registered pursuant to a Form S-1MEF filed on February 26, 2021, under Rule 462(b) to cover the underwriters' over-allotment option.

The SPAC was sponsored by Leo Investors III LP, and its management team was led by Lyndon Lea as President and Chief Executive Officer, with Edward C. Forst serving as Chairman and Robert Darwent as Chief Financial Officer and Director. The board of directors also included Lori Bush, Mary E. Minnick, and Mark Masinter. The company self-identified as a blank-check company in its pricing prospectus and operated under Standard Industrial Classification Code 6770. The SPAC completed its business combination on November 24, 2021, at which point it ceased to be a shell company, as reported in a Form 8-K filed that day under Item 5.06 (Change in Shell Company Status). Following the closing of the business combination, the registrant's identity changed to Local Bounti Corporation, a Delaware entity, which now trades on the NYSE under the ticker symbol LOCL and operates as an indoor agriculture company utilizing patented Stack & Flow Technology across growing facilities in the United States.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • 10-Q12 August 20260001628280-26-056162opens on sec.gov in a new tab

    This summary is drawn from the cover page and cautionary note of the report; the financial statements are not covered here. The quarter's figures are stated in the company's earnings release filed the same day (accession 0001628280-26-055950).

  • 8-K12 August 20260001628280-26-055950opens on sec.gov in a new tab

    Revenue growth of 14% did not reach gross profit, which fell; the improvement in Adjusted EBITDA comes from cost reduction, and the measure excludes $4.5 million of quarterly interest expense that the $19.8 million net loss includes.

  • 8-K7 August 20260001628280-26-054899opens on sec.gov in a new tab

    This is a post-close financing transaction by a former SPAC, indicating the company is raising new capital via convertible debt subordinated to its senior lender (Cargill). The repeated amendments to the Senior Credit Agreement (now twelve) and the restructuring agreement suggest ongoing financial distress or covenant strain, which is relevant for investors tracking the company's solvency and equity dilution risk.

  • DEF 14A23 April 20260001140361-26-016379opens on sec.gov in a new tab

    Requiring an NYSE shareholder vote means the 7,882,861 conversion shares exceed 20% of the outstanding count, so the note holder could become the largest holder on conversion. Warrants running a full ten years to March 2036 keep that dilution live for a decade, and liquidated damages payable in shares rather than cash mean a delivery failure adds still more stock. Local Bounti holders face conversion, warrant and penalty dilution from one financing package.

  • DEF 14A25 August 20250001140361-25-032530opens on sec.gov in a new tab

    The vote quantifies the dilution precisely — up to 5,131,871 shares to a single holder, U.S. Bounti — and the ten-year warrant window running to August 1, 2035 means the overhang does not expire on any near horizon. The warrant terms also carry a delivery penalty: for each $1,000 of warrant shares subject to an exercise, based on VWAP on the notice date, the company owes $10 per trading day of liquidated damages, payable in stock valued at that day's VWAP, if it misses the share delivery date — a default that converts into still more shares.

  • DEF 14A17 April 20250001140361-25-014399opens on sec.gov in a new tab

    The Series A Preferred terms make the conversion vote effectively compulsory: the preferred is non-voting except as law requires, carries no liquidation preference, and is redeemable at the holder's option at $2.00 per share if it does not automatically convert within one year of issuance. If holders decline the issuance, the company faces a cash redemption claim instead of dilution. The NYSE change-of-control rule is cited, so the conversion is large enough to shift control of the company.

Show 4 more material filings
  • S-4/A7 October 20210001193125-21-294297opens on sec.gov in a new tab

    The warrant vote is severed from the deal: the combination is not conditioned on the warrant amendment proposal, while that proposal is conditioned on the combination closing, so public warrant holders can refuse the amendment and the merger still completes. Closing does require net available cash of at least $150,000,000 after redemptions and the PIPE, which the notes record as proceeds of $125,000 thousand, against a trust the filing puts at approximately $275,000,000. The fee still prices shares at $9.90 and warrants at $1.17, NYSE averages from July 13, 2021.

  • S-4/A27 September 20210001193125-21-282515opens on sec.gov in a new tab

    The composition is unchanged and unusually legible: 27,500,000 Class A ordinary shares from Leo's initial public offering, 6,875,000 Class B ordinary shares held by its initial shareholders, up to 62,244,117 shares to Local Bounti's equityholders — 59,744,117 before any downward adjustment plus up to 2,500,000 of earnout — and up to 3,190,489 shares on conversion of the Local Bounti Convertible Notes. The warrants remain 5,500,000 public, 5,333,333 private placement and up to 705,883 issued to Local Bounti's own warrantholders.

  • S-4/A3 September 20210001193125-21-265667opens on sec.gov in a new tab

    The share line has four parts: 27,500,000 Class A ordinary shares from Leo's initial public offering, 6,875,000 Class B ordinary shares held by its initial shareholders, up to 62,244,117 shares to Local Bounti's equityholders — 59,744,117 before any downward adjustment plus up to 2,500,000 of earnout — and up to 3,190,489 shares on conversion of the Local Bounti Convertible Notes. The warrants are likewise three-part: 5,500,000 public, 5,333,333 private placement, and up to 705,883 issued to Local Bounti's own warrantholders.

  • S-419 July 20210001193125-21-217964opens on sec.gov in a new tab

    The share line is itemised and the merger is the larger part: up to 62,244,117 shares go to Local Bounti's equityholders other than warrantholders, made up of 59,744,117 issuable at closing before any downward adjustment plus up to 2,500,000 earnout shares, with up to 3,190,489 more on conversion of the Local Bounti Convertible Notes. Against that, 27,500,000 Class A ordinary shares from the IPO and 6,875,000 Class B ordinary shares held by Leo's initial shareholders simply convert in the domestication.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

  • 10-Q12 August 20260001628280-26-056162opens on sec.gov in a new tab

    What changed: Q2 2026 10-Q of Local Bounti Corporation (NYSE: LOCL), with 23,380,119 shares of common stock outstanding at August 7, 2026. Why it matters: This summary is drawn from the cover page and cautionary note of the report; the financial statements are not covered here. The quarter's figures are stated in the company's earnings release filed the same day (accession 0001628280-26-055950).

    What changed vs 2026-05-15going concern APPEARED
    going-concern doubt1 moved
    Going-concern doubt
    not statedstated

    SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.

    The clause …“In accordance with Accounting Standards Codification ("ASC") 205-40, Going Concern, the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about”…

    Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.

  • 8-K12 August 20260001628280-26-055950opens on sec.gov in a new tab

    What changed: Exhibit 99.1 to an 8-K of Local Bounti Corporation (NYSE: LOCL): the August 12, 2026 press release reporting Q2 2026 results. Sales rose 14% to $13.9 million from $12.1 million and 4% sequentially from $13.3 million, which the company attributes to increased production at its Georgia, Texas and Washington facilities. Gross profit fell to $1.0 million from $1.5 million and adjusted gross margin to 27% from 30%, attributed to temporary packing inefficiencies at the Georgia facility that the company states have since been resolved. Why it matters: Revenue growth of 14% did not reach gross profit, which fell; the improvement in Adjusted EBITDA comes from cost reduction, and the measure excludes $4.5 million of quarterly interest expense that the $19.8 million net loss includes.

  • SCHEDULE 13D/A10 August 20260000902664-26-003370opens on sec.gov in a new tab
  • 410 August 20260000902664-26-003369opens on sec.gov in a new tab
  • 8-K7 August 20260001628280-26-054899opens on sec.gov in a new tab

    What changed: Local Bounti Corporation (LIII) entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC (Charles R. Schwab) on or around August 7, 2026, issuing a convertible Note and Warrant in a private placement. The agreement also reflects a Twelfth Amendment to the Senior Credit Agreement with Cargill Financial Services dated August 1, 2025, and a new Subordination Agreement among the Purchaser, Senior Creditor, Company, and other parties. Why it matters: This is a post-close financing transaction by a former SPAC, indicating the company is raising new capital via convertible debt subordinated to its senior lender (Cargill). The repeated amendments to the Senior Credit Agreement (now twelve) and the restructuring agreement suggest ongoing financial distress or covenant strain, which is relevant for investors tracking the company's solvency and equity dilution risk.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001193125-26-234436

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Agricultural Production-Crops (0100)
Registered inDelaware
Exchange · CIKNYSE · 0001840780

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

8 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

32 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail5 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

LIII — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 0100 (Agricultural Production-Crops). The screen found it by filing SHAPE instead — S-1 2021-01-21 → 8-A12B 2021-02-25 → 424B4 2021-03-02 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 0100 + self-described blank check in 424B4 0001193125-21-065042; 424B 0001193125-21-065042 priced 2021-03-02 under S-1 0001193125-21-013414 (file 333-252294, an offering for cash); common ticker LIII off 8-K 0001193125-21-073812 (2021-03-09); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-252294, which belongs to S-1 0001193125-21-013414 (2021-01-21) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-03-02). Ending PROVEN, not inferred: CLOSED per 8-K 0001193125-21-340458 (2021-11-24) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,5.01,5.02,5.06,9.01). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "Leo Investors III LP" sourced from prospectus definition (10-K) acc 0001628280-22-007907.

NAME-REPAIR2026-08-31

"Local Bounti Corporation/DE" is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "Leo Holdings III Corp." per the COMPANY CONFORMED NAME in 424B4 0001193125-21-065042 filed 2021-03-02. §98

Deal — Local Bounti Corporation/DE
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001840780 records "Leo Holdings III Corp." ending 2021-11-22; the registrant continues as "Local Bounti Corporation/DE". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-11-22. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=125 from primary filings (0001193125-21-217964).

PIPE2026-08-29

pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow

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