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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.
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Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced the nomination of Maria Jelescu Dreyfus to its Board of Directors. Dreyfus, with over 20 years of strategic and financial expertise, has a significant background from Goldman Sachs and founded Ardinall Investment Management, focusing on clean energy transitions. Her experience spans investments in energy and infrastructure, and she is currently affiliated with multiple corporate boards. Dreyfus emphasizes the critical need for water management in the face of climate change, noting that trillions will be invested to ensure safe drinking water. Her nomination is set for a vote at the annual shareholder meeting in June. This strategic appointment is poised to strengthen Cadiz's position in the clean water solutions sector.
Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced the completion of three new groundwater wells at Cadiz Ranch, expanding its capacity to 36,000 acre-feet per year (AFY). These wells will support the Northern Pipeline's full volume of 25,000 AFY while aiding current agricultural operations. The project, authorized since 2012, aims to conserve 50,000 AFY for Southern California communities and can store one million acre-feet of surplus water. Recently, the Salton Sea Authority approved a contract securing 5,000 AFY from Cadiz for restoration efforts, enhancing the wellfield's significance in addressing water scarcity amidst continued pressure on the Colorado River system. CEO Scott Slater emphasized the company's role in providing solutions despite ongoing drought conditions.
Cadiz, Inc. (NASDAQ: CDZI, CDZIP) announced a cash dividend for its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders will receive a cash dividend of $550.00 per whole share or approximately $0.55 per depositary share. This dividend will be paid on April 14, 2023, to shareholders on record as of April 4, 2023. The announcement reflects Cadiz's ongoing commitment to providing clean and affordable water solutions in California.