Schwab Charles R. 4
4 · Local Bounti Corporation/DE · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Local Bounti (LOCL) 10% Owner Charles R. Schwab Buys 5.5M Shares
What Happened Charles R. Schwab, reported as a 10% owner, is associated with a transaction on March 13, 2026 in which U.S. Bounti, LLC purchased from Local Bounti a $15 million package consisting of a $15M convertible note and a warrant to acquire 5,500,000 shares of Local Bounti common stock. The Form 4 reports the acquisition (transaction code P) of a derivative interest corresponding to 5,500,000 shares; the combined purchase price for the note and warrant was $15,000,000. This is a purchase (acquisition of a convertible note and warrant), which is different from an open-market ordinary share buy.
Key Details
- Transaction date: March 13, 2026; Form 4 filed: March 17, 2026 (filed within the normal 2-business-day window).
- Reported acquisition: derivative/warrant interest in 5,500,000 shares (transaction code P).
- Consideration: combined purchase price of $15,000,000 for the convertible note and the warrant (per filing footnote).
- Shares owned after transaction: not reported / N/A on the Form 4.
- Footnote limits: U.S. Bounti will not be entitled to receive shares upon conversion/exercise if issuance would exceed 222,241 shares until stockholder approval is obtained (Issuer must seek approval no later than June 30, 2026).
- Securities are held by U.S. Bounti, LLC (the filing attributes the holdings to that entity).
Context
- The filing reflects an institutional purchase by U.S. Bounti, LLC (not an individual executive selling or buying open-market shares). For retail investors, purchases of convertible notes and warrants signal a financing/strategic investment rather than a direct open-market endorsement of the share price.
- The warrant gives the right to buy up to 5.5M shares, but practical issuance is currently capped at 222,241 shares pending shareholder approval required by the NYSE; if approval is obtained, the cap would be lifted.
Insider Transaction Report
- Purchase
Convertible Note
[F1][F2]2026-03-13(indirect: By LLC)Exercise: $2.50From: 2026-03-13Exp: 2031-03-13→ Common Stock - Purchase
Common Stock Purchase Warrant
[F1][F2]2026-03-13+5,500,000→ 5,500,000 total(indirect: By LLC)Exercise: $0.13From: 2026-03-13Exp: 2036-03-13→ Common Stock (5,500,000 underlying)
Footnotes (2)
- [F1]On March 13, 2026, U.S. Bounti, LLC ("U.S. Bounti") and Local Bounti Corporation (the "Issuer") entered into an agreement (the "Purchase Agreement") under which U.S. Bounti purchased from the Issuer, for a combined purchase price of $15 million, (i) a convertible note with an initial principal balance of $15 million (the "Note") and (ii) a warrant (the "Warrant") pursuant to which U.S. Bounti has the right to purchase and acquire 5,500,000 shares of the Issuer's common stock, par value $0.0001 per share ("Common Stock"). Pursuant to the Purchase Agreement, U.S. Bounti will not have the right to receive, upon conversion of the Note or exercise of the Warrant, any shares of Common Stock if the issuance of such shares would exceed 222,241. Such limitation will not apply after stockholder approval is obtained and deemed effective, as required by the New York Stock Exchange. The Issuer is required to seek such stockholder approval at a stockholder meeting no later than June 30, 2026.
- [F2]Securities held by U.S. Bounti, LLC.