Jennifer Carr-Smith, a director at Local Bounti Corporation (NYSE:LOCL), recently sold 21,237 shares of the company’s common stock. The shares were sold at a price of $1.48 each, amounting to a total transaction value of $31,430. Following this sale, Carr-Smith holds 14,880 shares directly. The transaction was disclosed in a filing with the Securities and Exchange Commission, dated December 17, 2024. InvestingPro subscribers have access to 13 additional key insights about Local Bounti, including detailed analysis of its cash burn rate and market position.
In other recent news, Local Bounti Corporation has secured a supply agreement with a major multinational retailer, marking a significant step in its expansion efforts. The deal involves 13 distribution centers and will be fulfilled from the company's facilities in California and Texas. In addition to this development, Local Bounti reported a 50% increase in sales year-over-year, totaling $10.2 million during its third-quarter earnings call. However, the company anticipates achieving positive adjusted EBITDA by the second quarter of 2025, a delay from previous estimates, due to a strategic shift towards high-value specialty products.
Local Bounti has also completed the transition of its Montana facility to commercial production, contributing to improved operational efficiency. Furthermore, the company has expanded its customer base, securing over 180 Brookshire Grocery locations and agreements with Sam's Club. Projected revenues for the fourth quarter of 2024 are expected to be around $11 million, reflecting a 67% year-over-year increase. These developments come as part of Local Bounti's ongoing strategic transition, which includes discussions with potential capital partners to secure financing after solidifying customer needs and facility designs.
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