Cadiz Inc. Raises $21 Million Through Registered Direct Offering
Cadiz Inc. (NASDAQ: CDZI) has announced a registered direct offering of 5 million shares at $4.20 per share, generating gross proceeds of $21.0 million. The offering is anchored by a major institutional investor specializing in water and hard assets, with net proceeds expected to be approximately $20.0 million after expenses. The company intends to utilize the capital for general corporate purposes and to advance the development of the Mojave Groundwater Bank, a large-scale water storage project designed to address the Southwest water crisis. Funds may also support construction activities related to the Northern and Southern Pipeline projects. This capital infusion comes as Cadiz reaches several regulatory and engineering milestones. Management indicated that the strengthened balance sheet will support their efforts in selecting an equity partner for upcoming major infrastructure decisions.