LOCL.NYSELocal Bounti Corporation/de

SCHEDULE 13D/A: Key Insider Craig Hurlbert and Wheat Wind Farms Boost Stake in Local Bounti Corporation

Sentiment:

Beneficial Ownership Amendment

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An amendment to Schedule 13D reveals that Craig M. Hurlbert and Wheat Wind Farms LLC have increased their beneficial ownership in Local Bounti Corporation, with Mr. Hurlbert's total stake reaching 16.2%.

Summary

  • This document is Amendment No. 6 to a Schedule 13D filing for Local Bounti Corporation (Issuer).
  • The reporting persons are Wheat Wind Farms LLC and Craig M. Hurlbert.
  • As of January 1, 2025, Wheat Wind Farms LLC beneficially owns 1,177,386 shares of Local Bounti's Common Stock, representing 13.6% of the class.
  • Craig M. Hurlbert beneficially owns 1,398,525 shares of Local Bounti's Common Stock, representing 16.2% of the class.
  • Mr. Hurlbert's ownership includes 181,139 shares held directly, 40,000 Restricted Stock Units (RSUs) vesting on February 1, 2025, and the 1,177,386 shares held by Wheat Wind Farms, LLC, where he serves as president.
  • The beneficial ownership percentages are calculated based on 8,655,669 shares of Common Stock outstanding as of November 8, 2024, as reported in the Issuer's Quarterly Report on Form 10-Q filed on November 14, 2024.
  • Since the most recent Schedule 13D filing, Mr. Hurlbert was granted 120,000 RSUs on April 25, 2024, which will vest in three equal installments on February 1, 2025, February 1, 2026, and February 1, 2027, subject to his continuous service.
  • Mr. Hurlbert also made open market purchases of Common Stock in December 2024: 1,250 shares on December 11, 2024; 2,750 shares on December 16, 2024; and 3,250 shares on December 19, 2024, totaling 7,250 shares.

Sentiment

Score: 7

Explanation: The document indicates increased insider ownership and commitment through RSU grants and direct share purchases by a key executive, Craig M. Hurlbert. This is generally viewed positively as it aligns management's interests with shareholders and signals confidence in the company's future. No negative information or risks are disclosed in this specific filing.

Positives

  • Increased insider ownership by Craig M. Hurlbert, including direct purchases and RSU grants, indicates strong confidence in the company's future prospects.
  • Mr. Hurlbert's significant beneficial ownership of 16.2% aligns his interests closely with those of other shareholders, suggesting a commitment to long-term value creation.

Future Outlook

The document indicates future vesting of Restricted Stock Units (RSUs) for Craig M. Hurlbert on February 1, 2025, February 1, 2026, and February 1, 2027, contingent on his continued service, which suggests a long-term commitment from a key insider.

Industry Context

This Schedule 13D amendment primarily details changes in insider ownership and does not provide broader industry context or trends. However, increased insider buying can often be seen as a positive signal within any industry, suggesting management's confidence in the company's prospects.

Comparison to Industry Standards

  • This filing is an ownership disclosure and does not contain financial results or operational metrics that would allow for a direct comparison to industry standards or specific comparable companies/projects.
  • The beneficial ownership percentage of 16.2% for Craig M. Hurlbert is a substantial stake for an individual insider, indicating a high level of alignment with shareholder interests, which is generally viewed favorably across industries.

Stakeholder Impact

  • Shareholders: Increased insider ownership may be viewed positively, signaling management's confidence and aligning their interests with long-term shareholder value.
  • Employees: The RSU grants to Mr. Hurlbert are part of an equity incentive plan, which can be a positive for employee morale and retention if similar incentives are available more broadly.

Next Steps

  • Vesting of 40,000 RSUs for Craig M. Hurlbert on February 1, 2025.
  • Vesting of the first installment (40,000 shares) of the 120,000 RSUs granted on April 25, 2024, on February 1, 2025.
  • Subsequent vesting installments of the 120,000 RSUs on February 1, 2026, and February 1, 2027.

Key Dates

DateDescription
2024-04-25Craig M. Hurlbert granted 120,000 Restricted Stock Units (RSUs).
2024-11-08Date as of which 8,655,669 shares of Common Stock were outstanding, as reported in the Issuer's Form 10-Q.
2024-11-14Date Local Bounti Corporation filed its Quarterly Report on Form 10-Q.
2024-12-11Craig M. Hurlbert purchased 1,250 shares of Common Stock.
2024-12-16Craig M. Hurlbert purchased 2,750 shares of Common Stock.
2024-12-19Craig M. Hurlbert purchased 3,250 shares of Common Stock.
2025-01-01Date of event which requires filing of this statement (beneficial ownership as of this date).
2025-01-03Date of signing of the Schedule 13D Amendment No. 6.
2025-02-01First vesting date for 40,000 RSUs held directly by Mr. Hurlbert and the first installment (40,000 shares) of the 120,000 RSUs granted on April 25, 2024.
2026-02-01Second vesting date for the 120,000 RSUs (40,000 shares) granted on April 25, 2024.
2027-02-01Third vesting date for the 120,000 RSUs (40,000 shares) granted on April 25, 2024.

Recommendation

buy

Keywords

Local Bounti Corporation, LBON, Schedule 13D, Insider Ownership, Beneficial Ownership, Craig M. Hurlbert, Wheat Wind Farms LLC, Common Stock, RSU, Stock Purchase, SEC Filing

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