S&W Seed in default on $20.9M debt; CEO terminated; cuts to 7 employees; exploring bankruptcy

S&W Seed Co

Default under $25M Mountain Ridge credit facility due to ~$180K borrowing base overage; total obligations ~$20.9M; cross-default on $4.3M AgAmerica term loan secured by Texas land.
CEO Mark Herrmann terminated June 18, 2025; CFO Vanessa Baughman appointed interim CEO effective immediately.
Company terminates all but 7 key employees to reduce costs; exploring strategic alternatives including asset sales, dissolution, liquidation, or bankruptcy relief.
Received $1.08M emergency loan from Mountain Ridge at 18% interest plus $6,500/day for payroll; no assurance of resolution.

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Executive movements

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Departed

Mark Herrmann

President and Chief Executive Officer

S&W Seed Co

Effective: 2025-06-18
Successor: Vanessa Baughman
Filed: Jun 23, 2025 23:59 UTC

On June 18, 2025, the Board of Directors (the “Board”) of the Company terminated Mark Herrmann as the Company’s President and Chief Executive Officer, effective immediately.

Appointed (interim)

Vanessa Baughman

Interim Chief Executive Officer

S&W Seed Co

Effective: 2025-06-18
Filed: Jun 23, 2025 23:59 UTC

the Board appointed Vanessa Baughman, the Company’s Chief Financial Officer, to serve as Interim Chief Executive Officer of the Company, effective immediately.

Source: SEC EDGAR

accession 0001641172-25-016005

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