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S&W Seed obtains $9M line of credit

LONGMONT — S&W Seed Co. (Nasdaq: SANW) has obtained a $9 million line of credit as it attempts to stabilize its financial position.

The credit line is provided by the New York hedge fund MFP Partners LP, S&W’s largest shareholder, and was issued by JP Morgan Chase Bank. 

As part of the loan agreement, MFP Partners was issued a warrant to buy up to 500,000 shares of S&W common stock. 

S&W has recently been attempting to put itself on a more sound financial footing. After the company’s most recent quarterly report in May, CEO Mark Wong said S&W “has undergone a strategic review of its operations and future growth opportunities to identify key centers of value, while moving to align our cost structure to support those key centers and assess other potential value generating transactions to drive the business towards profitability.”

Source: BizWest

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