Cadiz Stock Price, News & Analysis

Cadiz Inc. (NASDAQ: CDZI) addressed recent stock volatility, emphasizing that no new material developments or announcements are affecting its operations. The company reaffirmed its positive outlook following its Q2 results released on August 13, 2021. Cadiz owns significant land and water resources in Southern California and aims to implement sustainable projects to address the region's water needs.

Cadiz Inc. (NASDAQ: CDZI) announced the closure of a $50 million senior secured credit facility, part of a larger $107.5 million financing package aimed at reducing debt and funding asset development. The new facility lowers debt from a previous 9.5% to 7%, extending the maturity to July 2024. Proceeds will also cover a senior secured term loan and provide working capital. The company has over $25 million in cash for operations and $10 million allocated for upcoming dividends on its Series A Preferred Stock. This supports Cadiz's mission to address California's water resource challenges.

Cadiz Inc. (NASDAQ: CDZI) announced the completion of its acquisition of the 220-mile Northern Pipeline for $19 million. This pipeline, which extends from California's Central Valley to Cadiz Ranch, is designed to convey up to 30,000 AFY of water, addressing California's growing water supply challenges. The acquisition aims to enhance water access for underserved communities and improve water transportation infrastructure. Cadiz's CEO highlighted the company's commitment to alleviating water access issues, particularly in disadvantaged areas of California.

Cadiz Inc. (NASDAQ: CDZI) announced a public offering of 2,000,000 depositary shares, priced at $25.00 each, raising gross proceeds of $50 million. The offering expects to close by July 2, 2021. Each depositary share corresponds to a fractional interest in the Company's 8.875% Series A Cumulative Perpetual Preferred Stock, which will trade under the symbol CDZIA. Proceeds will repay existing debts and fund dividends. The offering is underwritten by multiple financial institutions and follows a shelf registration statement approved by the SEC.

Cadiz Inc. (NASDAQ: CDZI) announced a public offering of 2,000,000 depositary shares, each representing a 1/1000th interest in its Series A Cumulative Perpetual Preferred Stock, aiming to raise $50 million in gross proceeds. The Company plans to allocate the net proceeds to repay outstanding debt, fund a segregated dividend account, and cover other corporate expenses. A new $50 million secured term loan is also expected to close alongside the offering. B. Riley Securities and others are acting as joint bookrunners for this offering.

Cadiz Inc. (NASDAQ:CDZI) has released the Spring 2021 issue of its quarterly newsletter, CDZI Magazine, highlighting significant company developments. CEO Scott Slater reported the flourishing of over 2,000 acres of crops at Cadiz Ranch while emphasizing the company's commitment to addressing California's water crisis through sustainable practices. Cadiz, which owns 70 square miles of water resources in Southern California, is working on the Cadiz Water Project, set to provide water supply for 400,000 people and enhance groundwater storage capacity. For more details, visit cadizinc.com.

SoCal Hemp JV LLC has renewed its partnership with Victor Valley College to advance research in desert hemp farming and product marketing. This collaboration aims to support students and explore innovative agricultural techniques, including irrigation methods suited for the Mojave Desert. The initiative continues through 2022, focusing on the cultivation, processing, and commercialization of hemp. SoCal Hemp, a joint venture between Cadiz and Glass House Farms, enhances local agricultural education and contributes to the understanding of hemp's potential in California's economy.

Cadiz Inc. (NASDAQ: CDZI) released a statement on unusual trading activity preceding lawsuits filed against the U.S. Bureau of Land Management regarding water rights permits for its 220-mile pipeline project in California. CEO Scott Slater expressed concern over this trading activity, indicating the company is evaluating the situation with third parties. Despite the legal challenges, Cadiz affirmed that its business plan to supply and manage water resources for California communities is on track.

Cadiz Inc. (NASDAQ: CDZI) has appointed Susan Kennedy to its Board of Directors, effective immediately. With over 30 years of experience, including roles as Commissioner of the California Public Utilities Commission and founder of renewable energy firm Advanced Microgrid Solutions, Kennedy's expertise will support Cadiz's commitment to sustainable water solutions in California. This leadership change follows the retirement of long-serving Board members Murray Hutchison and Richard Nevins. Kennedy will serve on the Compensation and Corporate Governance Committees as the company strives to expand its agricultural and water projects.