May 10, 2010 (FinancialWire) — S&W Seed Co. (NASDAQ: SANWU) closed on its initial public offering on May 7, raising gross proceeds of $15.4 million. Paulson Capital’s (NASDAQ: PLCC) Paulson Investment Co. unit was the lead manager.

The company sold 1.4 million units at $11 per unit. Each unit consists of two shares of common stock, one Class A warrant and one Class B warrant. The units began trading on the NASDAQ Capital Market on May 4 under the ticker symbol “SANWU” and will trade for between 30 and 45 days, after which the units will cease trading and the common stock, Class A warrants and Class B warrants will trade as separate securities.

The underwriters have a 45-day option to purchase an additional 210,000 units to cover over-allotments, if any.

California-based S&W Seed offers warm climate alfalfa seed varieties. S&W owns a 40 acre alfalfa seed cleaning and processing facility. A large percentage of its sales are to a distributor who sells to foreign end users, principally in Saudi Arabia. 
In fiscal 2010, the company launched a pilot program to produce stevia leaf, the source of an all-natural, non-caloric sweetener. 

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