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Share Name | Share Symbol | Market | Type |
---|---|---|---|
S and W Seed Company | NASDAQ:SANW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.006 | -1.44% | 0.41 | 0.39 | 0.43 | 0.4296 | 0.41 | 0.42 | 19,560 | 22:28:49 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2019
S&W SEED COMPANY
(Exact name of registrant as specified in Its charter)
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106 K Street, Suite 300
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95814 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant's telephone number, including area code: (559) 884-2535
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
SANW |
The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
oIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
Item 1.01 Entry into a Material Definitive Agreement.
Corteva Agreements
On May 22, 2019 (the "Effective Date"), S&W Seed Company (the "Company") entered into two agreements with Pioneer Hi-Bred International, Inc., a subsidiary of Corteva Agriscience (together, "Corteva Agriscience"): (a) a Termination Agreement; and (b) an Alfalfa License Agreement (together, the "Corteva Agreements"). Under the terms of the Corteva Agreements, among other things:
Date |
Payment Amount |
September 15, 2019 |
$5,551,371.52 |
January 15, 2020 |
$5,551,371.52 |
February 15, 2020 |
$5,551,371.52 |
September 15, 2020 |
$3,750,926.70 |
January 15, 2021 |
$2,500,617.80 |
February 15, 2021 |
$2,100,518.95 |
Total: |
$25,006,178.00 |
KeyBank Agreement
On May 22, 2019, the Company entered into a consent letter with KeyBank National Association ("KeyBank") related to the Company's Credit and Security Agreement, dated as of September 22, 2015 with KeyBank (as amended, the "Credit Agreement"). Under the consent letter, among other things:
The Company and KeyBank are in discussions regarding a new structure for the Credit Agreement.
Item 1.02 Termination of Material Agreement.
The information set forth in Item 1.01 of this current report is incorporated herein by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
S&W SEED COMPANY |
By: /s/ Matthew K. Szot |
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Matthew K. Szot | |
Executive Vice President of Finance and Administration and Chief Financial Officer |
Date: May 23, 2019
1 Year S and W Seed Chart |
1 Month S and W Seed Chart |
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