Local Bounti Corporation (NYSE: LOCL) stock experienced a significant upsurge during the trading session on Tuesday, soaring to $4.40, marking a remarkable increase of 37.50%. This remarkable surge can be attributed to insider trading activities reported on the day.
In a filing to the U.S. Securities and Exchange Commission (SEC), it was revealed that the Chief Financial Officer of Local Bounti, Kathleen Valiasek, and the Chief Technology Officer, Travis M. Joyner, had both acquired shares of LOCL earlier in the month. The CFO’s transactions involved the acquisition of 2,000 LOCL shares, amounting to a total investment of $5,418 through two separate transactions, with an average purchase price of $2.705 per share.
On the other hand, the CTO procured 4,200 LOCL shares, making an overall investment of $10,000. These transactions serve as a clear testament to the management’s confidence in the organization’s potential, and this confidence appears to be bolstered by recent developments.
Local Bounti recently completed the integration of its Stack zones facility in Byron, Georgia, which constitutes Phase 1-C and was finalized in early October 2023. This successful project’s culmination means that the Company’s Stack & Flow Technology system is now fully operational.
During the integration process, the company also took the opportunity to reconfigure its operational processes. LOCL has also optimized its procedures to accommodate the expanded footprint and the 40% greater capacity generated by the Stack system.
Furthermore, LOCL has commenced the installation of Stack zones and greenhouse growing systems at its facility in Mount Pleasant, Texas. Local Bounti anticipates that operations will commence at this new facility by the year’s end. The addition of this facility in northeast Texas is expected to fortify Local Bounti’s distribution capabilities in various regions.
In addition, LOCL has successfully completed the construction of a greenhouse structure at its Pasco, Washington facility, with progress being made on both overhead and underground infrastructure work. Upon completion, the facility will encompass three acres of greenhouse space, supported by multiple Stack zones.
This facility is poised to enhance Local Bounti’s distribution capabilities in the Pacific Northwest and is projected to commence operations early in the first quarter of 2024.
