KRNL - SPAC Leo Holdings III gains on deal to take indoor agriculture startup Local Bounti public

josefkubes/iStock via Getty Images SPAC Leo Holdings III (LIII) rose 1.7% in premarket trading after confirming a deal to take indoor agriculture startup Local Bounti public in a transaction valued at $1.1B. The deal will provide up to $400M of gross proceeds to the combined company and includes a $125M PIPE, according to a statement. The PIPE is anchored by existing and new investors including Fidelity Management, BNP Paribas and strategic partner Cargill, which is also separately expected to provide a $200M debt facility to help Local Bounti with its expansion plans. The deal is expected to close in second half of this year and the combined company will trade on the NYSE under the symbol "LOCL." The news was earlier reported by Bloomberg. Earlier this week, Bloomberg reported that SPAC Kernel Group (KRNL) is in talks to take urban farming company Infarm public. Local Bounti competes with AeroFarms, which announced a deal to go public through combination

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SPAC Leo Holdings III gains on deal to take indoor agriculture startup Local Bounti public