S&W Seed Company to Delay Form 10-K Filing for Fiscal Year 2024

Rhea-AI Summary

S&W Seed Company (Nasdaq: SANW) has announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024. The company plans to file a Notification of Late Filing on Form 12b-25 due to the voluntary plan of administration (VA) adopted by its wholly-owned subsidiary, S&W Seed Company Australia Pty , on July 24, 2024.

The delay is attributed to the additional time required to complete and compile the necessary financial information related to the potential outcomes of the VA process and its impact on related disclosures throughout the Annual Report. S&W Seed Company anticipates filing its 10-K and conducting a conference call in early October 2024.

Positive

• None.

Negative

• Delay in filing Annual Report on Form 10-K for fiscal year 2024
• Subsidiary S&W Seed Company Australia Pty entered voluntary administration on July 24, 2024
• Additional time needed to compile financial information related to VA process outcomes

Insights

Financial Analyst

This delay in filing the Form 10-K is a significant development for S&W Seed Company. The voluntary administration of their Australian subsidiary suggests serious financial difficulties in that part of the business. This situation could have far-reaching implications for the company's overall financial health and operational stability.

The delay itself is concerning, as it indicates the company is struggling to assess the full impact of the VA process on its financials. This uncertainty could lead to increased market volatility for SANW stock in the short term. Investors should be prepared for potential negative surprises when the 10-K is eventually filed.

Given the company's small market cap of about $10.8 million, this situation poses a substantial risk to its market value. The outcome of the VA process could significantly affect the company's assets, liabilities and future revenue streams. Shareholders should closely monitor upcoming announcements and be prepared for potential write-downs or restructuring costs in the forthcoming financial report.

LONGMONT, Colo., Sept. 27, 2024 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW) announced today that it plans to file a Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

The delayed filing is due to the voluntary plan of administration ("VA") S&W Seed Company Australia Pty Ltd, a wholly-owned subsidiary of the Company, adopted on July 24, 2024, and the additional time required to complete and compile the necessary financial information related to the potential outcome(s) of the VA process, and its impact on related disclosures throughout the Annual Report on Form 10-K, and required to prepare a complete filing. The Company anticipates that it will file its 10-K for the fiscal year ended June 30, 2024 and conduct a conference call in early October 2024.

About S&W Seed Company

Founded in 1980, S&W Seed Company is a global multi-crop, middle-market agricultural company headquartered in Longmont, Colorado. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of sorghum, forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in proprietary alfalfa and sorghum seeds with significant research and development, production and distribution capabilities. S&W also has a commercial presence in pasture and sunflower seeds, and through a partnership, is focused on sustainable biofuel feedstocks primarily within camelina. For more information, please visit www.swseedco.com.

Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates," "believe," "may," "future," "plan," "should" or "expects." Forward-looking statements in this release include, but are not limited to, the expected timing of the filing of the Form 10-K. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties related to the compilation and finalization of the Company's financial statements and Annual Report. These and other risks are identified in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended June 30, 2023 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

Company Contact:	Investor Contact:
Mark Herrmann, Chief Executive Officer	Robert Blum
S&W Seed Company	Lytham Partners, LLC
Phone: (720) 593-3570	Phone: (602) 889-9700
www.swseedco.com	sanw@lythampartners.com
	www.lythampartners.com

 

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SOURCE S&W Seed Company

FAQ

Why is S&W Seed Company (SANW) delaying its Form 10-K filing for fiscal year 2024?

S&W Seed Company is delaying its Form 10-K filing due to the voluntary administration of its Australian subsidiary and the need for additional time to compile financial information related to the VA process outcomes and their impact on disclosures.

When does S&W Seed Company (SANW) expect to file its delayed 10-K for fiscal year 2024?

S&W Seed Company anticipates filing its 10-K for the fiscal year ended June 30, 2024 in early October 2024.

What is the impact of S&W Seed Company Australia Pty 's voluntary administration on SANW's financial reporting?

The voluntary administration of S&W Seed Company Australia Pty has led to a delay in SANW's 10-K filing, as the company needs additional time to compile financial information related to the VA process outcomes and their impact on disclosures.

When did S&W Seed Company's Australian subsidiary enter voluntary administration?

S&W Seed Company Australia Pty , a wholly-owned subsidiary of S&W Seed Company, adopted a voluntary plan of administration on July 24, 2024.