Local Bounti Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Class A Ordinary Shares Subject to Possible Redemption - Summary of Reconciliation of Class A Ordinary Shares Subject to Possible Redemption Reflected on the Condensed Consolidated Balance Sheet (Detail)

Class A Ordinary Shares Subject to Possible Redemption - Summary of Reconciliation of Class A Ordinary Shares Subject to Possible Redemption Reflected on the Condensed Consolidated Balance Sheet (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2021
Temporary Equity [Line Items]
Gross proceeds received from Initial Public Offering		$ 275,000,000
Plus: Accretion on Class A ordinary shares to redemption value	$ 20,124,954
Common Class A [Member]
Temporary Equity [Line Items]
Gross proceeds received from Initial Public Offering		275,000,000
Less: Fair value of Public Warrants at issuance		(4,620,000)
Less: Offering costs allocated to Class A ordinary shares		(15,504,954)
Plus: Accretion on Class A ordinary shares to redemption value		20,124,954
Class A ordinary shares subject to possible redemption		$ 275,000,000

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details