A tumultuous month during which S&W Seed Co. (Nasdaq: SANW) defaulted on a line of credit, fired its CEO and terminated all non-essential staff was capped off with a disclosure Monday afternoon that the Longmont-based company intends to voluntarily delist its stock from the Nasdaq exchange.

Furthermore, S&W leaders told investors and regulators that the company is exploring a host of strategic options, none of which is likely to garner cheers from Wall Street, former employees or current company stakeholders.

In a U.S. Securities and Exchange Commission filing, officials at S&W, which develops, produces and sells alfalfa and sorghum seeds, wrote that “in anticipation of not having sufficient cash and cash equivalents or cash flows from operations to meet its operating and liquidity needs, the Company continues to explore strategic alternatives focused on maximizing stockholder value, including potential sales of assets or certain lines of business, a dissolution and liquidation of the Company, as well as other strategic actions, such as seeking relief under bankruptcy laws.”

While S&W has consistently struggled with profitability — its board of directors in January went public with its intent to explore options for a sale or merger — and Nasdaq has threatened delisting in the recent past, the problems revealed in recent SEC filings suggest a new level of dysfunction.

On June 17, the company was notified by lender Mountain Ridge Capital that it had defaulted on a credit agreement, which “permits Mountain Ridge to declare all Obligations immediately due and payable, which was approximately $20.9 million,” S&W’s disclosure said.

The Mountain Ridge default “also triggered a cross-default,” the SEC filing said, in which another lender, AgAmerica Lending LLC, has the right to demand immediate payment of a roughly $4.3 million loan to S&W.

“The Company is currently in discussions with Mountain Ridge and AgAmerica with respect to the Existing Default and the Cross Default, respectively,” the filing said.

“However, there can be no assurance as to the outcome of any such discussions, including whether Mountain Ridge and/or AgAmerica will seek to enforce their respective rights” to demand immediate repayment.

The day after Mountain Ridge informed S&W of the default, S&W’s board of directors fired former CEO Mark Herrmann and tapped then-chief financial officer Vanessa Baughman as interim CEO, according to a regulatory disclosure.

Baughman did not immediately respond to a request for comment Tuesday.

That same day, June 18, “in order to reduce costs, the Company terminated all non-essential Company employees, which resulted in seven employees remaining employed,” S&W reported to the SEC.

Last week, S&W’s board “made the decision to pursue delisting and deregistration of the Company’s common stock following its review and careful consideration of several factors, including, but not limited to, the Company’s likely future non-compliance with the continued listing requirements of Nasdaq that would inevitably result in delisting of the Company’s common stock by Nasdaq, as well as the required personnel resources, high costs and regulatory burdens relating to ongoing Nasdaq and SEC reporting requirements, particularly in light of the Company’s previously disclosed events of default under certain of its credit facilities and termination of employees,” the disclosure said.

S&W plans to file the official delisting forms with Nasdaq before the end of the month. Once delisted, the company will deregister its common stock with the SEC.

At 12:25 p.m. Tuesday, S&W’s stock price was $1.73, down 28.15% on the day and 77.27% since the beginning of 2025.

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