Longmont, CO (October 23, 2024) — S&W Seed Company (Nasdaq: SANW) announced that, on October 17 the company received a notice from the Listing Qualifications Staff of The Nasdaq Stock Market (Nasdaq), advising the company that its failure to timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the Form 10-K) with the Securities and Exchange Commission (the SEC) is in contravention of Nasdaq Listing Rule 5250(c)(1) (the Filing Requirement), and could serve as an additional deficiency and basis for the delisting of the company’s securities from Nasdaq.
The company has 60 days from the date of the notice to submit a plan to regain compliance with the Filing Requirement for consideration by Nasdaq. The company intends to timely submit a plan, including, but not limited to, a timeline in which the Form 10-K will be filed.
The Nasdaq Notice has no immediate effect on the listing of the company’s common stock on the Nasdaq Capital Market.
As announced on October 15, the company implemented a reverse stock split of its common stock at a ratio of 1-for-19 shares effective for marketplace purposes with the open of business on Friday, October 18. The company is subject to a separate review by Nasdaq to determine if the company is able to regain compliance with Nasdaq’s $1.00 bid price requirement by November 11.
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.