Seneca Foods Corp — fact timeline

Seneca Foods Corp amended Third Amendment with Bank of America, N.A., as agent, and the lenders party thereto (effective 2024-03-08).

“On March 8, 2024, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, LLC, (collectively, the “Borrowers”), Marion Foods, Inc., Portland Food Products Company, and Gray & Company (collectively, the “Guarantors”, and together with the Borrowers, collectively, the “Company”), the financial institutions party thereto from time to time as lenders, Bank of America, N.A., a national banking association, as agent, as issuing bank and as syndication agent and BOFA Securities, Inc., a Delaware corporation, as lead arranger, entered into a Third Amendment (the “Amendment”) to Fourth Amended and Restated Loan and Security Agreement (the “Agreement”).”

Seneca Foods Corp engaged Deloitte & Touche LLP as its auditor.

“tion (the "Company") that Plante Moran was evaluating whether to continue its Securities and Exchange Commission (SEC) audit practice in the Company's primary industry and was therefore likely to decline to stand for re-appointment as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2024. In response thereto, the Audit Committee (the “Audit Committee”) of the Company’s Board of Directors conducted a comprehensive, competitive process to select a new independent registered public accounting firm. As a result of this process, effective November 7, 2023, the Audit Committee approved the engagement of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm for the Company’s fiscal year ending March 31, 2024 and dismissed Plante Moran from that role.”

Seneca Foods Corp dismissed Plante Moran, P.C. as its auditor.

“November 7, 2023, the Audit Committee approved the engagement of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm for the Company’s fiscal year ending March 31, 2024 and dismissed Plante Moran from that role. Plante Moran reviewed the Company's interim condensed consolidated financial statements for the quarterly periods ended July 1, 2023 and September 30, 2023 and Deloitte will review the Company’s interim condensed consolidated financial statements for the quarterly period ending December 30, 2023.”

Seneca Foods Corp shareholders approved Non-binding advisory vote to approve executive compensation at the 2023-08-09 meeting.

“Proposal 2: Non-binding advisory vote to approve executive compensation For Against Abstain 2,323,797 9,680 6,071”

Seneca Foods Corp shareholders approved Election of Directors at the 2023-08-09 meeting.

“Proposal 1: Election of Directors At the Annual Meeting, Peter R. Call, Kraig H. Kayser and Bruce E. Ware were elected directors of the Company.”

Seneca Foods Corp reported three months ended July 1, 2023 results: revenue $298.7 million.

“financial results for the three months ended July 1, 2023. Executive Summary (vs. year-ago, year-to-date results): ■ Net sales for the first quarter of fiscal 2024 totaled $298.7 million compared to $265.2 for the first quarter of fiscal 2023. The year-over-year increase of $33.5 million was mainly due to higher selling prices partially offset by lower sales”

Seneca Foods Corp reported that prior financial statements should not be relied upon.

“On July 19, 2023, the Audit Committee of Seneca Foods Corporation (the “Company”), after consultation with the Company’s management, including the Chief Financial Officer and Corporate Controller (the "Authorized Officers"), concluded that the following financial statements previously filed by the Company with the Securities and Exchange Commission (“Commission”) should no longer be relied upon due to errors in such financial statements relating to the accounting for valuing inventory using the last-in, first-out ("LIFO") method and related internal controls”