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S&W Seed: Class A warrants called for $8.7 million


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S&W Seed: Class A warrants called for $8.7 million.

By Ian Gilson, CFA

S&W Seed (Nasdaq-small:(SANW)) has announced that it will call for redemption of the Class A warrants sold as part of the units in the IPO in May 2010. There are currently 1.217 million warrants outstanding and if they are all converted the net proceeds should be $8.7 million. The warrants holders have until April 15, 2013 to exercise their warrants. There are also 1.4 million Class B warrants that could be called when the stock exceeds $12  that could raise $15 million net. These should be enough for significant acquisitions without further dilution of the common stock holders. We have adjusted our estimates to reflect the additional shares from the Class A warrants but not from the Class B. Our estimates of net income remain unchanged.

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