Cadiz Inc Stock Price, News & Analysis

Cadiz Inc. (NASDAQ: CDZI, CDZIP) announced the official initiation of the Technical Review Panel (TRP) for its Water Conservation and Storage Project. Comprised of independent scientists in hydrogeology and sustainable groundwater management, the TRP's role is to monitor environmental conditions and establish baseline data prior to project operations. Appointed members include Will Halligan and David Jordan, both experienced experts in the field. The panel will support the Groundwater Management, Monitoring and Mitigation Plan, designed to ensure the sustainable management of groundwater resources. The TRP is expected to be fully operational by the end of February 2023.

Cadiz Inc. (NASDAQ: CDZI, CDZIP) has priced a registered direct offering of 10.5 million shares of common stock, raising approximately $40.32 million. This offering, led by major shareholders Heerema IGS and Odey Asset Management, aims to accelerate the development of clean water supply projects in California and reduce company debt. Net proceeds, estimated at $38.5 million, will be used to fund capital expenditures, repay $15 million of existing debt, and support additional water resources. The offering is set to close on or around February 2, 2023.

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. This dividend will be paid on January 17, 2023, to shareholders on record as of January 4, 2023. For holders of depositary shares, each representing a 1/1000 fractional interest in a share of Series A Preferred Stock, the cash dividend is approximately $0.56 per share. The company continues to pursue its mission of sustainable water management in California.

Cadiz Inc. (NASDAQ: CDZI, CDZIP) has announced a registered direct offering of 5 million shares, raising a total of $10 million. Heerema International Group Services, the largest equity shareholder, contributed $3.6 million to this offering. The proceeds will be used for the Cadiz Water Conservation and Storage Project and to deploy water filtration systems acquired from ATEC Systems. Following the offering, Heerema will own approximately 35.4% of Cadiz's outstanding stock. The offering is expected to close on November 14, 2022.

Cadiz Inc. (NASDAQ: CDZI, CDZIP) has announced the acquisition of ATEC Systems, a provider of advanced groundwater filtration systems. This strategic move aims to diversify Cadiz's clean water solutions and enhance access to affordable drinking water in underserved California communities. The acquisition is expected to close soon, with ATEC continuing to operate under its name. Cadiz's flagship project captures surplus groundwater to mitigate evaporation, ultimately providing clean water to millions. ATEC's proven technology addresses significant groundwater contamination challenges, further aligning with Cadiz's mission.

Cadiz Inc. (NASDAQ: CDZI/CDZIP) has announced a cash dividend of $550.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders of depositary shares (NASDAQ: CDZIP) will receive approximately $0.55 per depositary share. The dividend is set to be paid on October 14, 2022, to shareholders on record as of October 4, 2022. Cadiz is focused on sustainable water solutions in California, with projects aimed at supplying water for 400,000 people annually by utilizing innovative groundwater management.

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.