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Cadiz Inc. reports developments in water supply, groundwater banking, pipeline infrastructure and water filtration in California. The company’s Land and Water Resources activities include eastern Mojave Desert properties, agricultural operations and development of the Mojave Groundwater Bank for supply, storage and conveyance. Its Water Filtration Technology segment provides filtration solutions for impaired or contaminated groundwater sources.
Company announcements also cover project financing, water-agency partnerships, perchlorate treatment work, federal water-infrastructure funding processes and governance changes. Cadiz also issues recurring capital-structure updates tied to its 8.875% Series A Cumulative Perpetual Preferred Stock and related depositary shares traded under CDZIP.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) has declared a cash dividend of $560.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock, payable on July 15, 2022, to holders of record as of July 1, 2022. Additionally, depositary shares representing a 1/1000 fractional interest in a share will receive approximately $0.56 per share. This dividend reflects Cadiz's commitment to returning value to its shareholders while focusing on sustainable water and agricultural solutions in California.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) will participate in the B. Riley Securities 22nd Annual Institutional Conference on May 25-26, 2022, in Beverly Hills, California. CEO Scott Slater and Executive Chair Susan Kennedy will deliver a corporate overview during a fireside chat on May 26 at 8:10 A.M. PT, and will meet with investors throughout the conference. The B. Riley event is a key platform for over 200 companies and 1,000 attendees to engage in investment discussions. A presentation will be available post-conference on Cadiz's website.
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Cadiz Inc. (Nasdaq: CDZI/CDZIP) declared a cash dividend of $550.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock, with $0.55 per depositary share. The dividend is payable on April 15, 2022, to shareholders of record as of April 4, 2022. Established in 1983, Cadiz focuses on sustainable water and agricultural projects, owning 70 square miles in Southern California and partnering with public water agencies to create a water supply for 400,000 people.
Cadiz Inc. (Nasdaq: CDZI/CDZIP) announced a registered direct offering of 6.86 million shares at $1.75 each, aiming to raise $12 million. The offering is led by Heerema International Group Services SA, which is investing $5 million and will gain a board observer position. Proceeds will fund working capital and support water supply projects in California. Other participants include Cadiz founder Keith Brackpool and B. Riley Securities. The offering is expected to close on March 23, 2022, without underwriting fees.
Cadiz Inc. (Nasdaq: CDZI/CDZIP) announced the appointment of Susan Kennedy as executive Chair, succeeding founder Keith Brackpool. Kennedy, with over 30 years of experience in California politics, expressed enthusiasm for leading the company during a critical time for climate action. The company is repurposing a 220-mile pipeline for water transport, addressing California's water supply challenges amidst increasing drought conditions. This project aims to improve water security and has significant implications for sustainable resource management in the region.
Cadiz Inc. (Nasdaq: CDZI/CDZIP) has announced a cash dividend of $560.00 per share on its 8.875% Series A Cumulative Perpetual Preferred Stock, payable on January 18, 2022, to shareholders of record by January 6, 2022. For holders of depositary shares, the dividend will be approximately $0.56 per share. The company continues its commitment to sustainable water and agricultural projects in Southern California, aiming to deliver significant water resources through its upcoming Cadiz Water Project.
Cadiz Inc. (Nasdaq: CDZI/CDZIP) disclosed a new Schedule 13D filed by Heerema International Group Services S.A., which now owns approximately 35% of the company's common stock. Heerema IGS has stated its intention to remain a passive investor. Previously, its shares were held through Hoving & Partners. Cadiz's CEO expressed gratitude for Heerema's support, emphasizing the need for innovative water solutions in California amidst ongoing water shortages. The company is dedicated to enhancing water access through sustainable projects.
Cadiz Inc. (NASDAQ: CDZI) CEO Scott Slater addressed the California Department of Water Resources' unprecedented decision to allocate zero water to its contract districts for the upcoming year. This historic drought impacts 25 million people and 750,000 acres of farmland. Cadiz emphasizes the urgent need for enhanced water access and proposes the Cadiz Northern Pipeline as a potential solution to convey water to drought-affected communities. The company aims to support conservation initiatives and improve groundwater storage, offering possible water supply benefits to 200,000 residents.