S&W Seed Company Provides Update on Delay of Form 10-K Filing for Fiscal Year 2024

Rhea-AI Summary

S&W Seed Company (Nasdaq: SANW) has provided an update regarding the delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024. The company is addressing reporting requirements related to the previously announced voluntary plan of administration for its wholly-owned subsidiary, S&W Seed Company Australia Pty , adopted on July 24, 2024.

Additionally, during year-end closing procedures, SANW identified that it had not prepared its fiscal year 2024 financial statements to include separate information for its reporting segments. The company is now analyzing the impacts of this change under ASC 250, Accounting Changes and Error Corrections, and is working to prepare all necessary segment disclosures.

S&W Seed Company aims to file its 10-K for the fiscal year ended June 30, 2024, and conduct a conference call as soon as possible.

Positive

• None.

Negative

• Delay in filing Annual Report on Form 10-K for fiscal year 2024
• Identified issues with segment reporting in financial statements
• Need for additional analysis and preparation of segment disclosures

LONGMONT, Colo., Oct. 16, 2024 /PRNewswire/ -- S&W Seed Company (Nasdaq: SANW) today provided an update with respect to the Late Filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

The Company is continuing to work through reporting requirements as a component of the previously announced voluntary plan of administration ("VA") for S&W Seed Company Australia Pty Ltd, a wholly-owned subsidiary of the Company, which was adopted on July 24, 2024. As part of its year-end closing procedures, the Company also reviewed applicable segment reporting requirements and concluded it did not prepare its fiscal year 2024 financial statements to include separate information regarding its reporting segments. Due to the change in its reportable segments, the Company is analyzing the impacts of this change under ASC 250, Accounting Changes and Error Corrections, and is working to prepare all necessary segment disclosures with a goal to file its 10-K for the fiscal year ended June 30, 2024 and conduct a conference call as soon as possible.

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 sorghum and alfalfa seeds with significant research and development, production and distribution capabilities. Through a partnership, S&W is also 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 ongoing work on reporting requirements related to a voluntary plan of administration for its Australian subsidiary and the need to prepare separate information for its reporting segments.

What accounting issue did S&W Seed Company (SANW) identify during its year-end closing procedures?

S&W Seed Company identified that it had not prepared its fiscal year 2024 financial statements to include separate information regarding its reporting segments, necessitating additional analysis and disclosure preparation.

When does S&W Seed Company (SANW) expect to file its 10-K for the fiscal year ended June 30, 2024?

S&W Seed Company aims to file its 10-K for the fiscal year ended June 30, 2024, as soon as possible, but has not provided a specific date in the update.

What accounting standard is S&W Seed Company (SANW) using to analyze the impact of its reporting segment changes?

S&W Seed Company is analyzing the impacts of the change in its reportable segments under ASC 250, Accounting Changes and Error Corrections.