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
News Market Reaction – SANW
In the trading session that priced this news, SANW declined 22.92%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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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
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 |
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SOURCE S&W Seed Company