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Last $4.55 USD
Change Today +0.02 / 0.44%
Volume 164.5K
SANW On Other Exchanges
Symbol
Exchange
NASDAQ CM
Frankfurt
As of 8:10 PM 05/1/15 All times are local (Market data is delayed by at least 15 minutes).

s&w seed co (SANW) Key Developments

S&W Seed Company Announces Auditor Changes

The board of directors of S&W Seed Company upon the recommendation of the audit committee of the board, approved the dismissal of M&K CPAS PLLC as the registrant's independent registered public accounting firm. On March 30, 2015, the company's board of directors, upon the recommendation of its audit committee, approved the appointment of Crowe Horwath LLP as the registrant's new independent registered public accounting firm, effective immediately.

S&W Seed Company Appoints Michael N. Nordstrom as Director

S&W Seed Company announced at the board meeting held on March 12, 2015, the Board of Directors appointed Michael N. Nordstrom to the Board, effective immediately. Mr. Nordstrom's term as a director will expire at the company's 2015 annual meeting of stockholders, at which time it is expected that he will be nominated as part of management's slate of director nominees. Mr. Nordstrom, who previously served on the Board from October 2009 until his resignation in December 2013, will serve on the Board's Executive Committee and Compensation Committee.

S&W Seed Company, Special/Extraordinary Shareholders Meeting, Apr 10, 2015

S&W Seed Company, Special/Extraordinary Shareholders Meeting, Apr 10, 2015., at 11:00 Pacific Standard Time. Location: 7108 North Fresno Street, Suite 380. Agenda: To consider and vote upon a proposal to approve the issuance of the Company's common stock pursuant to the terms of $27,000,000 principal amount of 8% Senior Secured Convertible Debentures Due 2017 and accompanying Common Stock Purchase Warrants, issued in a private placement that closed on December 31, 2014, in each case, without giving effect to the conversion cap in such securities.

S&W Seed Company Enters Third Amendment to Credit Agreement and Revolving Line of Credit Note

S&W Seed Company executed and entered into credit agreements with Wells Fargo Bank, National Association ('Wells Fargo') and thereby became obligated under new working capital facilities. The Facilities include a domestic revolving facility of up to $4 million to refinance the Registrant's outstanding credit accommodations from Wells Fargo and for working capital purposes, and an export-import revolving facility of up to $10 million for financing export-related accounts receivable and inventory. The Facilities mature and become due and payable in full on April 1, 2015. On February 27, 2015, the company executed and entered into a Third Amendment to Credit Agreement and Revolving Line of Credit Note with respect thereto, and a Third Amendment to Ex-Im Working Capital Guarantee Credit Agreement and Revolving Line of Credit Note with respect thereto. Pursuant to the Amendments, the respective principal amounts available under the Facilities remain unchanged, with the maturity date extended to July 1, 2015. The Facilities bear interest either at a fluctuating rate per annum determined by Wells Fargo to be 2.75% above the daily one-month LIBOR Rate in effect from time to time, or at a fixed rate per annum determined to be 2.75% above LIBOR in effect on the first day of the applicable fixed rate term. The Amendments include minimal changes to certain financial covenants, including the manner in which the net income financial covenant (itself unchanged) is calculated for the period ending March 31, 2015 and, with respect to the Asset Coverage Ratio, which also remains unchanged, the addition of the requirement that such ratio be maintained at any time rather than as of month end. The Amendments also include the Registrant's general release of claims against Wells Fargo and an extension to June 1, 2015 for certain deliverables required under the terms of the December 31, 2014 Amendment and Waiver Agreement between the company and Wells Fargo. In all other material respects, the provisions of the Facilities as entered into in February 2014, as amended on December 31, 2014, remain unchanged and in full force and effect.

S&W Seed Company Presents at 27th Annual ROTH Conference, Mar-10-2015 08:00 AM

S&W Seed Company Presents at 27th Annual ROTH Conference, Mar-10-2015 08:00 AM. Venue: The Ritz Carlton, 1 Ritz Carlton Dr, Dana Point, CA 92629, United States. Speakers: Mark S. Grewal, Chief Executive Officer, President and Director, Matthew K. Szot, Chief Financial Officer, Principal Accounting Officer, Executive Vice President of Finance & Administration, Corporate Secretary and Treasurer.

 

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