---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-016005"
form_type: "8-K"
ticker: null
cik: "0001477246"
company_name: "S&W Seed Co"
filed_at: "2025-06-23T23:59:59+00:00"
generated_at: "2026-05-18T23:31:54.676320+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-016005
- form_type: 8-K
- cik: 0001477246
- company_name: S&W Seed Co
- filed_at: 2025-06-23T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.03, 2.04, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1477246/000164117225016005/0001641172-25-016005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1477246/000164117225016005/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-016005
- JSON: https://secwatch.observer/filing/0001641172-25-016005.json
- Plain text: https://secwatch.observer/filing/0001641172-25-016005.txt

## Key facts
- Debt Financings
  S&W Seed Co incurred revolving credit of $1,080,000 with ABL OPCO LLC at 18.00% per annum.
  - Instrument: revolving credit
  - Principal: $1,080,000
  - Counterparty: ABL OPCO LLC
  - Rate: 18.00% per annum
  - Event: incurrence
  source text: the Lenders advanced additional Revolving Loans under the Mountain Ridge Credit Agreement to the Company in the aggregate principal amount of $1,080,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/1477246/000164117225016005/0001641172-25-016005-index.htm
- Debt Financings
  S&W Seed Co reported a default on credit facility of approximately $20.9 million with ABL OPCO LLC at a rate per annum equal to the lesser of (a) the sum of (i) the interest rate app.
  - Instrument: credit facility
  - Principal: approximately $20.9 million
  - Counterparty: ABL OPCO LLC
  - Rate: a rate per annum equal to the lesser of (a) the sum of (i) the interest rate app
  - Event: default
  source text: and other investments and any MFP Stock Redemptions. The Existing Default permits Mountain Ridge to declare all Obligations immediately due and payable, which was approximately $20.9 million as of the date of this Current Report. The Existing Default also triggered a cross-default (the “Cross Default”) under the Term Loan Agreement, dated June 20, 2023 (the “Term
  evidence_url: https://www.sec.gov/Archives/edgar/data/1477246/000164117225016005/0001641172-25-016005-index.htm
- Debt Financings
  S&W Seed Co reported a default on loan of approximately $4.3 million with AgAmerica Lending LLC.
  - Instrument: loan
  - Principal: approximately $4.3 million
  - Counterparty: AgAmerica Lending LLC
  - Event: default
  source text: The Existing Default also triggered a cross-default (the “Cross Default”) under the Term Loan Agreement, dated June 20, 2023 (the “Term Loan Agreement”), by and among AgAmerica Lending LLC (“AgAmerica”) and the Company, pursuant to which AgAmerica extended a term loan of $4.3 million to the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1477246/000164117225016005/0001641172-25-016005-index.htm
- Executive change
  Mark Herrmann was terminated as President and Chief Executive Officer at S&W Seed Co.
  - Action: terminated
  - Role: President and Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1477246/000164117225016005/0001641172-25-016005-index.htm
- Executive change
  Vanessa Baughman was appointed as Interim Chief Executive Officer at S&W Seed Co.
  - Action: appointed
  - Role: Interim Chief Executive Officer
  source text: the Board appointed Vanessa Baughman, the Company’s Chief Financial Officer, to serve as Interim Chief Executive Officer of the Company, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1477246/000164117225016005/0001641172-25-016005-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.