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S&W prices offering of 1.4 million shares

FIVE POINTS, Calif. (AP) -- S&W Seed Co. said Friday that it is offering 1.4 million of its shares at $7.50 per share.

The Five Points, Calif. alfalfa seed company anticipates proceeds of $10.5 million, which it will use for working capital, general corporate purposes and potential future business acquisitions.

Piper Jaffray & Co. is acting as the sole manager for the offering, with Wm. Smith & Co. acting as a financial advisor.

Shares of the company fell 45 cents, nearly 6 percent, to $7.72 by midday. Its shares remain at the higher end of its 52-week trading range of $4.30 to $8.75.