Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On August 1, 2025, the Company entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC, providing for the issuance of (i) a $10.0 million convertible note bearing interest at 6.0% per annum, payable semi-annually in-kind through December 2028, and (ii) a warrant to purchase 550,000 shares of the Company’s common stock at an exercise price of $0.125 per share. The note is initially convertible into up to 4,000,000 shares of common stock at a conversion price of $2.50 per share, subject to adjustments and increases related to PIK interest. The note includes mandatory partial conversions on the fourth anniversary and maturity, subject to cash settlement alternatives under certain conditions. The transaction is subject to stockholder approval in accordance with NYSE rules.
In connection with this transaction, on August 1, 2025, the Company also entered into a Twelfth Amendment to its Senior Credit Agreement with Cargill Financial, pursuant to which $10.0 million of outstanding loans under the credit facility were cancelled and discharged. Following the amendment, the aggregate principal amount outstanding under the Senior Credit Agreement is $302.0 million.
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