Local Bounti Corporation
11/05/2026 | Press release | Distributed by Public on 11/05/2026 07:38
Material Event (Form 8-K)
Item 8.01 Other Events.
As previously disclosed, on February 5, 2026, Local Bounti Corporation (the "Company") received a written notice (the "Original Notice") from the New York Stock Exchange (the "NYSE") that the Company was not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual (the "Minimum Market Capitalization Standard") because its average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its last reported stockholders' equity was less than $50 million. In accordance with applicable NYSE procedures, the Company submitted a plan advising the NYSE of the actions the Company planned to take to bring it into compliance with the Minimum Market Capitalization Standard by November 5, 2026, which date is nine months after receipt of the Original Notice.
On November 4, 2026, the Company received a written notice (the "Extension Notice") from the NYSE informing the Company that the NYSE had accepted the Company's October 20, 2026 request for a nine-month extension for the Company to regain compliance with the Minimum Market Capitalization Standard. The Extension Notice extends the November 5, 2026 deadline by an additional nine months to August 5, 2027 (the "Market Capitalization Cure Period"), which is the maximum 18-month period permitted under NYSE rules.
The Company's common stock will continue to be listed and traded on the NYSE during the Market Capitalization Cure Period, subject to the Company's compliance with other NYSE continued listing standards and continued quarterly review by the NYSE of the Company's progress with respect to its plan. To regain compliance, the Company must achieve, by the end of the Market Capitalization Cure Period, either an average global market capitalization over a consecutive 30 trading-day period of at least $50 million or total stockholders' equity of at least $50 million. If the NYSE determines that the Company is not making sufficient progress on the plan during the Market Capitalization Cure Period, the NYSE could initiate suspension and delisting proceedings prior to the end of the Market Capitalization Cure Period. The Company is considering all available options to regain compliance with the Minimum Market Capitalization Standard. The Company can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain the listing of its common stock on the NYSE.
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