Cover Page - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2021 |
Dec. 07, 2021 |
|
| Document Information [Line Items] | ||
| Document Type | 10-Q/A | |
| Amendment Flag | true | |
| Document Quarterly Report | true | |
| Document Transition Report | false | |
| Document Period End Date | Sep. 30, 2021 | |
| Document Fiscal Period Focus | Q3 | |
| Document Fiscal Year Focus | 2021 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Registrant Name | Local Bounti Corporation/DE | |
| Entity Central Index Key | 0001840780 | |
| Entity File Number | 001-40125 | |
| Entity Tax Identification Number | 98-1584830 | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Current Reporting Status | No | |
| Entity Interactive Data Current | Yes | |
| Entity Incorporation, State or Country Code | DE | |
| Entity Shell Company | true | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | true | |
| Entity Ex Transition Period | false | |
| Entity Common Stock, Shares Outstanding | 86,344,881 | |
| Entity Address, Address Line One | 490 | |
| Entity Address, Address Line Two | Foley Lane | |
| Entity Address, City or Town | Hamilton | |
| Entity Address, State or Province | MT | |
| Entity Address, Postal Zip Code | 59840 | |
| City Area Code | 406 | |
| Local Phone Number | 361-3711 | |
| Amendment Description | Local Bounti Corporation, formerly known as Leo Holdings III Corp (the “Company”) is filing this Amendment No. 1 to its Quarterly Report on this Form 10-Q/A for the three and nine month period ended September 30, 2021 (the “First Amendment”), as originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 12, 2021 (the “Original Form 10-Q”) to amend and restate the Company’s September 30, 2021 Quarterly Report on Form 10-Q, as further described below. This amended and restated report on Form 10-Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring after that date, or modify or update disclosures in any way other than as required to reflect the restatement as described below. Accordingly, this Amendment No. 1 on Form 10-Q/A should be read in conjunction with our filings with the SEC subsequent to the date on which we filed the Original Form 10-Q. The Company is filing this First Amendment on Form 10-Q/A to reflect a restatement of the Company’s financial statements as of March 2, 2021, as of and for the period ended March 31, 2021 and as of and for the period ended June 30, 2021 to correct errors in the Company’s classification of public shares as permanent equity, and a restatement related to the material weakness conclusion as of and for the period ended September 30, 2021 as further described below. On November 19, 2021, subsequent to the fiscal quarter ended September 30, 2021, Leo Holdings III Corp, our predecessor and a Delaware corporation (“Leo III”), consummated the previously announced business combination pursuant to the agreement and plan of merger, dated as of June 17, 2021 (the “Merger Agreement”), by and among Leo III, Longleaf Merger Sub, Inc., a Delaware corporation (“Merger Sub 1”), Longleaf Merger Sub II, LLC (“Merger Sub 2”) and Local Bounti Corporation, a Delaware corporation (“Legacy Local Bounti”). Pursuant to the Merger Agreement, Leo III acquired Legacy Local Bounti, by way of a series of mergers with Merger Sub 1 and Merger Sub 2, with Legacy Local Bounti becoming a direct subsidiary of Leo III as a result thereof (the “Business Combination”). On November 16, 2021, Leo III held an extraordinary general meeting of shareholders (the “Extraordinary General Meeting”), at which the Leo III shareholders considered and adopted, among other matters, a proposal to approve the Business Combination, including (a) adopting the Merger Agreement and (b) approving the other transactions contemplated by the Merger Agreement and related agreements described in the proxy statement/prospectus related thereto. Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, on November 19, 2021 (the “Closing Date”), the Business Combination was consummated (the “Closing”). On November 22, 2021, the business day following the Closing Date, the Company’s common stock and warrants began trading on the New York Stock Exchange under the symbols “LOCL” and “LOCL WS”. Leo III’s public units automatically separated into their component securities upon consummation of the Business Combination and, as a result, no longer trade as a separate security and were delisted from the New York Stock Exchange. Unless stated otherwise, this report contains information about NGA before the consummation of the Business Combination. References to the “Company” in this report refer to NGA before the consummation of the Business Combination. | |
| Common Stock, par value of $0.0001 per share [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Common Stock, par value of $0.0001 per share | |
| Trading Symbol | LOCL | |
| Security Exchange Name | NYSE | |
| Warrant [Member] | ||
| Document Information [Line Items] | ||
| Title of 12(b) Security | Warrants, each exercisable for one share of Common Stock for $11.50 per share | |
| Trading Symbol | LOCL WS | |
| Security Exchange Name | NYSE |