UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in Its charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
|
||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
(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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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 | ||
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
If 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. ☐
Item 8.01 Other Events.
Amendment to At Market Issuance Sales Agreement with B. Riley Securities Inc.
On September 27, 2021, S&W Seed Company (“Company”) and B. Riley Securities, Inc. (“B. Riley Securities”) entered into an amendment to that certain At Market Issuance Sales Agreement, dated September 23, 2020, by and between the Company and B. Riley Securities (the “Amended Sales Agreement”). Pursuant to the Amended Sales Agreement, all references to the aggregate offering price is increased to $17,100,000. The above description of the Amended Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended Sales Agreement, which is filed as Exhibit 1.2 to this Current Report on Form 8-K and incorporated herein by reference.
On September 28, 2021, the Company also filed an Amendment No. 1 to Prospectus (the “Amendment”) amending the prospectus dated November 2, 2020 (File No. 333-248974) (the “Prospectus”) to increase the aggregate offering price of the shares of its common stock, par value $0.001 per share (“Common Stock”), that may be offered by the Prospectus (the “ATM Shares”) and that may be sold pursuant to the Amended Sales Agreement from an aggregate of $14.0 million to $17.1 million. As of September 28, 2021, the Company has sold 3,008,863 shares of Common Stock pursuant to the Sales Agreement for an aggregate offering price of approximately $10.9 million.
The ATM Shares have been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s Registration Statement on Form S-3 (File 333-248974), declared effective by the Securities and Exchange Commission on November 2, 2020 (the “Registration Statement”), and a prospectus, which consists of a base prospectus, dated November 2, 2020, the Prospectus and the Amendment. Sales of the ATM Shares, if any, may be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act, including sales made directly on or through The Nasdaq Capital Market or any other existing trading market for the ATM Shares, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law. The Company intends to use the net proceeds, if any, from the sale of ATM Shares for general corporate purposes, including for research and development, sales and marketing initiatives and general administrative expenses, working capital and capital expenditures.
This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
1.2 | Amendment to At Market Issuance Sales Agreement, dated September 27, 2021 | |
5.1 | Opinion of Brownstein Hyatt Farber Schreck, LLP | |
23.1 | Consent of Brownstein Hyatt Farber Schreck, LLP (included in Exhibit 5.1) | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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 | |
Matthew K. Szot | ||
Executive Vice President of Finance and Administration and Chief Financial Officer |
Date: September 28, 2021
Exhibit 1.2
S&W SEED COMPANY
Common Stock
(par value $0.001 per share)
Amendment No. 1
to
At Market Issuance Sales Agreement
September 27, 2021
B. Riley Securities, Inc.
299 Park Avenue, 21st Floor
New York, NY 10171
Ladies and Gentlemen:
Reference is made to the At Market Issuance Sales Agreement, dated September 23, 2020, including the Schedules and Exhibits thereto (the Sales Agreement), between S&W Seed Company, a Nevada corporation (the Company) and B. Riley Securities, Inc. (the Agent and, together with the Company, the Parties), pursuant to which the Company agreed that it may issue and sell to or through the Agent up to that number of shares of the Companys common stock, par value $0.001 per share, having an aggregate offering price of $14,000,000, subject to the limitations set forth in Section 5(d) of the Sales Agreement.
The Company and the Agent wish to modify and amend the Sales Agreement as provided in this Amendment No. 1 to At Market Issuance Sales Agreement between the Company and the Agent (the Amendment). All capitalized terms used in this Amendment and not otherwise defined herein shall have the respective meanings assigned to such terms in the Sales Agreement.
The Company and the Agent hereby agree as follows:
1. The first sentence of Section 1 of the Sales Agreement is hereby deleted in its entirety and replaced with the following:
The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through or to the Agent, as sales agent and/or principal, shares (the Placement Shares) of the Companys Common Stock, par value $0.001 per share (the Common Stock), having an aggregate offering price of up to $17,100,000; provided however, that in no event shall the Company issue or sell through the Agent such number or dollar amount of Placement Shares that exceeds (a) the number of shares or dollar amount of Common Stock registered on the effective Registration Statement (as defined below) pursuant to which the offering is being made, (b) the number of shares or dollar amount of Common Stock set forth in the ATM Prospectus (as defined below), (c) the number of shares or dollar amount of Common Stock permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof, if applicable) or (d) the number of the Companys authorized but unissued shares of Common Stock (the least of (a), (b), (c) or (d), the Maximum Amount).
2. The second sentence of Section 6(k) of the Sales Agreement is hereby deleted in its entirety and replaced with the following:
As of the close of trading on the Exchange on September 23, 2021, the aggregate market value of the outstanding voting and non-voting common equity (as defined in Rule 405) of the Company held by persons other than affiliates of the Company (pursuant to Rule 144 of the Securities Act, those that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company) (the Non-Affiliate Shares), was approximately $51.5 million (calculated by multiplying (x) the price at which the common equity of the Company was last sold on the Exchange on August 2, 2021 times (y) the number of Non-Affiliate Shares) on September 23, 2021.
3. Clause (v) of the first sentence of Section 9 of the Sales Agreement is hereby deleted in its entirety and replaced with the following.
(v) the reasonable and documented out-of-pocket fees and disbursements of counsel to the Agent up to $50,000 promptly following execution of this Agreement, and an additional $5,000 per quarter for expenses associated with ongoing due diligence so long as this Agreement remains in effect and excluding any period during which a Suspension is in place pursuant to Section 4 (provided that such additional fee shall be paid upon the resumption of sale upon the ending of any Suspension);
4. The first sentence of Section 7(m) of the Sales Agreement is hereby deleted in its entirety and replaced with the following:
On or prior to the date of the first Placement Notice given hereunder, and thereafter on or prior to any date on which the Company amends the Registration Statement or supplements the ATM Prospectus for the purpose of increasing the number of shares or dollar amount of Common Stock set forth in the ATM Prospectus, the Company shall cause to be furnished to the Agent a written opinion and a negative assurance letter of Cooley LLP (Company Counsel) and a written opinion of Brownstein Hyatt Farber Schreck, LLP (Company Nevada Counsel), or other counsel reasonably satisfactory to the Agent, each in form and substance reasonably satisfactory to the Agent.
5. Schedule 1 is hereby amended by adding the words as amended on September 27, 2021 immediately after September 23, 2020 in such Schedule.
6. The first sentence of the Form of Officers Certificate attached as Exhibit 7(l) is hereby amended by adding the words as amended on September 27, 2021 immediately after September 23, 2020 in such sentence.
[Remainder of the page intentionally left blank]
2
If the foregoing correctly sets forth the understanding between the Company and the Agent, please so indicate in the space provided below for that purpose.
Very truly yours, | ||
S&W SEED COMPANY | ||
By: | /s/ Matthew K. Szot | |
Name: Matthew K. Szot | ||
Title: Chief Financial Officer | ||
ACCEPTED as of the date first-above written: | ||
B. RILEY SECURITIES, INC. | ||
By: | /s/ Patrice McNicoll | |
Name: Patrice McNicoll | ||
Title: Co-head Investment Banking |
[Signature Page to Amendment No. 1 to At Market Issuance Sales Agreement]
Exhibit 5.1
|
Brownstein Hyatt Farber Schreck, LLP 702.382.2101 100 North City Parkway, Suite 1600 |
September 28, 2021
S&W Seed Company
2101 Ken Pratt Blvd, Suite 201
Longmont, CO 80501
To the addressee set forth above:
We have acted as local Nevada counsel to S&W Seed Company, a Nevada corporation (the Company), in connection with the filing by the Company of a Registration Statement on Form S-3 (the Registration Statement) with the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as amended (the Act), relating to the registration for offering and sale from time to time by the Company of an indeterminate number of certain securities of the Company with an aggregate offering price of up to $100,000,000, including the sales agreement prospectus, dated November 2, 2020, as amended and supplemented by Amendment No. 1 to Prospectus, dated September 28, 2021 (as so amended and supplemented, the ATM Prospectus) relating to the issuance by the Company of shares (the ATM Shares) of the Companys common stock, par value $0.001 per share (the Common Stock), with a maximum aggregate offering price of $17,100,000, issuable from time to time pursuant to that certain At Market Sales Agreement, dated September 23, 2020, as amended by that certain Amendment to At Market Issuance Sales Agreement, dated as of September 27, 2021 (as so amended, the Existing Sales Agreement and, as further amended or supplemented through and including the date of each issuance of ATM Shares, the Sales Agreement), by and between the Company and B. Riley FBR, Inc., as sales agent. This opinion letter is being delivered at your request pursuant to the requirements of Item 601(b)(5) of Regulation S-K under the Act.
In our capacity as such counsel, we are familiar with the proceedings taken and proposed to be taken by the Company in connection with the registration of the ATM Shares as described in the Registration Statement. For purposes of this opinion letter, and except to the extent set forth in the opinions expressed below, we have assumed that all such proceedings have been or will be timely completed in the manner presently proposed in the Registration Statement and the ATM Prospectus.
For purposes of issuing this opinion letter, we have made such legal and factual examinations and inquiries, including an examination of originals or copies certified or otherwise identified to our satisfaction as being true copies of (i) the Registration Statement, including the ATM Prospectus, (ii) the Companys articles of incorporation and bylaws, each as amended to date (collectively, the Governing Documents), and (iii) such agreements (including the Existing Sales Agreement), instruments, corporate records (including resolutions of the board of directors and any committee thereof) and other documents, or forms thereof, as we have deemed necessary or appropriate. For purposes of issuing this opinion letter, we have also obtained from officers and other representatives and agents of the Company and from public officials, and have relied upon, such certificates, representations and assurances, and public filings, as we have deemed necessary or appropriate.
Without limiting the generality of the foregoing, we have, with your permission, assumed without independent verification that (i) the obligations of each party set forth in the Sales Agreement are or will be its valid and binding obligations, enforceable in accordance with their terms; (ii) prior to each issuance of any ATM Shares, the placement notice under the Sales Agreement with respect to such Shares will be duly authorized, executed and delivered by the Company in accordance with the Sales Agreement; (iii) no ATM Shares have been or will be offered, issued or sold in violation or breach of, nor will any such offering, issuance or sale result in a
www.bhfs.com
S&W Seed Company
September 28, 2021
Page 2
default under, the Governing Documents, any agreement or instrument that is binding upon the Company, or any requirement or restriction imposed by any governmental or regulatory agency, authority or body; (iv) after any issuance of ATM Shares, the total number of issued and outstanding shares of Common Stock, together with the total number of shares of Common Stock then reserved for issuance or obligated to be issued by the Company pursuant to any agreement or arrangement (including pursuant to the terms of the Sales Agreement), or otherwise, will not exceed the total number of shares of Common Stock then authorized under the Companys articles of incorporation; (v) the statements of fact and representations and warranties set forth in the documents we have reviewed are, or at all relevant times will be, true and correct as to factual matters; (vi) each natural person executing a document has or will have sufficient legal capacity to do so; (vii) all documents submitted to us as originals are authentic, the signatures on all documents we reviewed are genuine, and any document submitted to us as certified, conformed, photostatic, electronic or facsimile copies conform to the original document; and (viii) all corporate records made available to us by the Company, and all public records we have reviewed, are accurate and complete.
We are qualified to practice law in the State of Nevada. The opinions set forth herein are expressly limited to and based exclusively on the general corporate laws of the State of Nevada, and we do not purport to be experts on, or to express any opinion with respect to the applicability thereto or the effect thereon of, the laws of any other jurisdiction. We express no opinion concerning, and we assume no responsibility as to laws or judicial decisions related to, or any orders, consents or other authorizations or approvals as may be required by, any federal laws, rules or regulations, including, without limitation, any federal securities laws, rules or regulations, or any state securities or blue sky laws, rules or regulations.
Based upon the foregoing and in reliance thereon, and having regard to legal considerations and other information that we deem relevant, we are of the opinion that if, when and to the extent any ATM Shares are issued in accordance with the terms of, and in the manner contemplated by, the Sales Agreement, including payment in full to the Company of the consideration for such ATM Shares as required thereunder, and in accordance with the proceedings described in, and in the manner contemplated by, the Registration Statement and the ATM Prospectus, such ATM Shares will be validly issued, fully paid and nonassessable.
The opinions expressed herein are based upon the applicable laws of the State of Nevada and the facts in existence on the date of this opinion letter. In delivering this opinion letter to you, we disclaim any obligation to update or supplement the opinions set forth herein or to apprise you of any changes in any laws or facts after the date hereof. No opinion is offered or implied as to any matter, and no inference may be drawn, beyond the strict scope of the specific issues expressly addressed by the opinions set forth herein.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the reference to our firm therein under the heading Legal Matters. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission promulgated thereunder.
Very truly yours,
/s/ Brownstein Hyatt Farber Schreck, LLP
23161401
Document and Entity Information |
Sep. 27, 2021 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | S&W Seed Co |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
Entity Central Index Key | 0001477246 |
Document Type | 8-K |
Document Period End Date | Sep. 27, 2021 |
Entity Incorporation State Country Code | NV |
Entity File Number | 001-34719 |
Entity Tax Identification Number | 27-1275784 |
Entity Address, Address Line One | 2101 Ken Pratt Blvd |
Entity Address, Address Line Two | Suite 201 |
Entity Address, City or Town | Longmont |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80501 |
City Area Code | (720) |
Local Phone Number | 506-9191 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, Par Value $0.001 Per Share |
Trading Symbol | SANW |
Entity Emerging Growth Company | false |
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end
*,T1K\TL3W?@IDXF\74"@*B2(:DJ&$;%E+12!TS
MJ"2-S5P4KJ6MS&VE:))_>MICI=7!/TX: EQ] '![(RQT%*L9FD4::)[<<*W9
M>QX3+GUO@K+LLKQA"_L0@K1=WJ2_"T*6U)L;^&;&UUU
MV34-\ODW7M7K]3SS[<"?RJE
JV[Q)*)=8<
M6S:#U)<0N9K2QW22Y GYE010U#^9)";.; (C6H+11K:V]>TWG -E^U% T(&CVKR,=].!EOB *"E
MKUT@KI[QAE6TT>O%R]XO3G_)Q!%>5SB+!:LEA6>Y1Q>A
Y;?QF@[GUY?\Z%0X!??)N%AX,;7Y#I426]HY*9@2)$Z161#=46FS#
M