Seed company places $5 million in common shares
LONGMONT — S&W Seed Co. (Nasdaq: SANW) has sold $5 million in common shares to its largest investor, several board members and senior executives.
The non-brokered private placement included 1.85 million new shares at $2.73 each. About 76% of this went to S&W’s largest shareholder, Michael Price, via MFP Partners LP. Price runs the hedge fund MFP Investors LLC. He owned or controlled about 16 million S&W shares or 43% of the company, as of June 29.
The rest of the shares, worth about $1.2 million, went to “certain members of S&W’s board of directors and executive management,” a press statement said.
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S&W breeds, grows, processes and sells alfalfa and sorghum seeds and sells sunflower, wheat and pasture seeds. The company sells to distributors and dealers in 40 countries.
Last month, it reported higher annual revenue and a lower net loss and earlier in September signed a deal to produce stevia seeds for Illinois-based Ingredion Inc. (NYSE: INGR). Ingredion has $6.5 billion a year in revenue; S&W has $84 million in annual revenue.
S&W plans to use the private placement proceeds “for working capital and general corporate purposes.”
It traded recently at $2.88 a share and a $106 million market cap.