Cadiz Inc Stock Price, News & Analysis

Cadiz Inc. (NASDAQ: CDZI/CDZIP) is set to start construction on three new groundwater wells at Cadiz Ranch in October 2022, increasing its wellfield capacity to 36,000 acre-feet per year, a 33% boost from current capacity. An engineering study for the Northern Pipeline Project, which aims to convert an existing oil and gas pipeline to transport water, is complete. This pipeline can deliver approximately 25,000 acre-feet of water uphill to Barstow and 30,000 acre-feet downhill for storage. The project aims to address water scarcity in California.

Cadiz Inc. (NASDAQ: CDZI/CDZIP) announced a public-private partnership to provide 5,000 acre-feet of water annually for 50 years to the Salton Sea Authority and the Torres Martinez Tribe. This initiative includes financing of up to $5 million for water infrastructure improvements on tribal lands. The agreement aims to mitigate water scarcity in California through the Cadiz Water Conservation and Storage Project, adapting existing oil pipelines for water conveyance to benefit disadvantaged communities.

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.

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.