Cadiz Raises $21 Million in Registered Direct Offering

Expected net proceeds of approximately $20.0 million would support corporate needs and development of the Mojave Groundwater Bank.

Rhea-AI Summary

Cadiz (NASDAQ: CDZI) has entered into a placement agent agreement for a registered direct offering totaling $21.0 million in gross proceeds. The offering comprises 5 million common shares at $4.20 per share. Cadiz expects net proceeds of approximately $20.0 million after placement agent fees and other offering expenses, with closing expected on or about October 30, 2026.

Cadiz intends to use the proceeds for general corporate purposes and development and construction of the Mojave Groundwater Bank, potentially including equipment and materials for its Northern Pipeline and/or Southern Pipeline projects. The company is working toward selecting a project equity partner and making a final investment decision on the Northern Pipeline.

3 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Registered direct offering would provide approximately $20.0 million in expected net proceeds. 5% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Planned proceeds use includes Mojave Groundwater Bank development and construction, potentially including pipeline equipment and materials.
• Minor point. Forward-looking: it has not happened yet and may not happen.Cadiz is working toward selecting a project equity partner and a Northern Pipeline final investment decision.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Issuance of 5 million common shares at $4.20 per share would dilute existing holders.
• Minor point. Forward-looking: it has not happened yet and may not happen.Placement agent fees and other offering expenses reduce proceeds available to Cadiz.

Argus 15 min delay 8 alerts

-5.30% vs previous close $4.47 last price 8.1x rel. volume Open Argus

Details

Market move: CDZI -5.30% vs previous close. registered direct offering

$4.18 – $4.67 Day Range

$378.51M Mkt Cap at Last Price

On Oct 29, the day this news came out, the latest delayed price for CDZI is 5.30% below the previous close. Our momentum scanner has recorded 8 alerts for this stock so far that day. The latest delayed price is $4.47. Relative volume is exceptionally heavy at 8.1x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Shares offered: 5 million shares Offering price: $4.20 per share Gross proceeds: $21.0 million +2 more

Shares offered

5 million shares

Common stock in the registered direct offering

Offering price

$4.20 per share

Common stock purchase price

Gross proceeds

$21.0 million

Registered direct offering

Expected net proceeds

$20.0 million

After placement agent fees and other offering expenses

Expected closing

October 30, 2026

Subject to customary closing conditions

Previous Offering Reports

2 past events · Latest: Mar 07

Same Type 2 events

1. Mar 07

   Registered offering

   24h Move

   -8.1%

   Raised $20 million through a registered direct offering to fund Mojave Groundwater Bank development.

2. Nov 04

   Registered offering

   24h Move

   -1.1%

   Raised $23.38 million through a registered direct offering for water projects and pipeline construction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

registered direct offering, shelf registration statement, form s-3, prospectus supplement

4 terms

registered direct offering financial

"in a registered direct offering (the "Offering")"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

shelf registration statement regulatory

"pursuant to a shelf registration statement on Form S-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form s-3 regulatory

"a shelf registration statement on Form S-3"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

prospectus supplement regulatory

"A final prospectus supplement and accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Proceeds to advance development of the Mojave Groundwater Bank—the largest proposed supply and storage solution for the Southwest water crisis 

LOS ANGELES, Oct. 29, 2026 /PRNewswire/ -- Cadiz Inc. (NASDAQ: CDZI, CDZIP) ("Cadiz" or the "Company") today announced that it has entered into a placement agent agreement for the purchase and sale of 5 million shares of the Company's common stock at a price of $4.20 per share in a registered direct offering (the "Offering"), resulting in a gross proceeds of $21.0 million. The Offering was anchored by a fundamental institutional investor with deep expertise in water, royalties, hard assets, and inflation protection—and supported by other new and existing shareholders. The Offering is expected to result in net proceeds to the Company of approximately $20.0 million, after deducting placement agent fees and other offering expenses payable by the Company.

"We are delighted to expand our institutional ownership at an inflection point for the Company," said Susan Kennedy, Chair and Chief Executive Officer. "This year we have made significant progress advancing construction of the Mojave Groundwater Bank and achieved essential regulatory, commercial, engineering and financing milestones.

"The Mojave Groundwater Bank will serve communities at the epicenter of the Southwest's water crisis and has earned broad support across the region — from both business and labor, as well as farmers, housing advocates, water agencies and the families they serve. Together with our tribal partner, the Lytton Rancheria of California, we are advancing one of the region's largest new water supply projects with a clear purpose: delivering affordable, reliable water to people who need it."

"Since joining Cadiz as Chief Financial Officer, I have focused on attracting long-term institutional investors, simplifying our capital structure, and improving anticipated project level returns," said Jacinto Hernandez, Executive Vice President and Chief Financial Officer. "I am excited by our progress. We believe this investment strengthens our balance sheet as we work toward selecting a project equity partner and making a final investment decision on the Northern Pipeline."

The Offering is expected to close on or about October 30, 2026, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the Offering for general corporate purposes, including corporate overhead, working capital and expenses related to the development and construction of the Mojave Groundwater Bank—which may include the acquisition of equipment and materials for facilities related to its Northern Pipeline and/or Southern Pipeline projects, business development activities and other capital projects.

Roth Capital Partners is acting as the exclusive placement agent in the Offering.

The shares were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-281507), including a base prospectus, initially filed by the Company with the Securities and Exchange Commission (the "SEC") on August 13, 2024 and declared effective on August 22, 2024. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available for free on the SEC's website located at http://www.sec.gov.

Copies of the final prospectus supplement and accompanying prospectus relating to the Offering may be obtained, when available, from: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147, email at rothecm@roth.com, or by accessing the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Cadiz, Inc.
Cadiz, Inc. (NASDAQ: CDZI) is a water solutions and natural resources company developing long-term water supply, storage, conveyance and treatment solutions for communities, businesses, farmers and public agencies across the Southwest. Founded in 1983, Cadiz owns approximately 45,000 acres of land and 220 miles of pipeline assets in California's Mojave Desert. Its assets include Cadiz Ranch, the largest agricultural operation in San Bernardino County; the Mojave Groundwater Bank, the largest new water supply and groundwater storage project in the Lower Colorado River Basin¹; and ATEC Water Systems, which provides specialized groundwater treatment technology. Visit the Company's website at www.cadizinc.com. 

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates," "believes," "expects," "intends," "may," "plans" or "will."  Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact, including statements regarding the terms and conditions and timing of the Offering and closing, the intended use of proceeds, and anticipated financing for, and the progress and development of the Mojave Groundwater Bank.  You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that the Offering may not be completed on the anticipated terms, or at all, and that we may be unable to obtain new financing to meet our project financing and ongoing working capital needs.  These and other risks are identified in our filings with the SEC, including without limitation our Annual Report on Form 10-K for the year ended December 31, 2025, our subsequent Quarterly Reports on Form 10-Q, and the prospectus supplement relating to the Offering.  All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date.  We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise, except as required by law.

¹ Based on Management Estimates

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SOURCE Cadiz, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares is Cadiz selling in its registered direct offering and at what price?

Cadiz's registered direct offering comprises 5 million common shares at $4.20 per share, resulting in gross proceeds of $21.0 million. Expected net proceeds are approximately $20.0 million after placement agent fees and other offering expenses.

When is Cadiz's registered direct offering expected to close?

The offering is expected to close on or about October 30, 2026, subject to satisfaction of customary closing conditions.