[Form 4] Cadiz, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Schedule 13D/A Amendment 10 highlights: Three related investors—Parag Saxena, Vedanta Partners, LLC and Vedanta Associates, L.P.—updated their beneficial ownership in Reviva Pharmaceuticals Holdings, Inc. (RVPH) as of the event date 27 June 2025 and filing date 1 July 2025.

• Parag Saxena now reports 6,259,806 shares, or 8.7 % of RVPH’s 68,003,613 outstanding shares. His stake includes 21,400 vested stock options and a mix of common shares, warrants and pre-funded warrants.
• Vedanta Partners is shown with 5,367,069 shares, equating to 7.5 % of the class.
• Vedanta Associates reports 3,408,401 shares, or 4.8 %. Because the holding fell below 5 %, Item 5(e) states the entity ceased to be a 5 % beneficial owner on 27 June 2025.
• No transactions were effected in the past 60 days; changes arise from share count dynamics and warrant/option calculations. Certain warrants are subject to a 4.99 % blocker that limits exercise to avoid crossing ownership thresholds.

Implications for investors: The overall “Vedanta group” remains a significant insider bloc (>8 %) capable of influencing corporate actions. However, one vehicle dropping below 5 % reduces mandatory reporting frequency for that entity and may signal distribution of ownership or passive dilution. The filing contains no operational, financial or strategic updates from RVPH itself.

Insights

Equity Analyst

TL;DR — Insider group still strong; one fund dips below 5 %.

The amendment primarily refreshes ownership data. Saxena and related funds collectively continue to own a meaningful 8-9 % stake, maintaining influence and signalling ongoing confidence. Vedanta Associates’ drop to 4.8 % removes it from 5 %-plus disclosure status, but group control is essentially unchanged. No share sales are disclosed over the last 60 days, so the percentage shift is most likely dilution-driven rather than a disposal. From a valuation perspective the filing is neutral; it neither injects capital nor alters fundamentals, yet it reassures that a long-term insider remains committed.

Corporate Governance Specialist

TL;DR — Governance impact minor; reporting compliance intact.

The amendment satisfies Section 13(d) obligations after a threshold change. While Vedanta Associates exits the >5 % bracket, Saxena still files as a control person. Investors should note the 4.99 % blocker on certain warrants, limiting sudden voting power spikes. No coordinated “group” box was ticked, reducing takeover-speculation risk. Overall governance impact is limited and does not trigger anti-dilution or poison-pill provisions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dreyfus Maria S.

(Last) (First) (Middle)

C/O CADIZ INC.

550 SOUTH HOPE STREET, SUITE 2850

(Street)

LOS ANGELES CA 90071

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CADIZ INC [ CDZI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		A		8,212(1)	A	$3.0443	168,595	D
Common Stock	07/01/2025		A		6,209(2)	A	$3.02	174,804	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

2. Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning July 1, 2025.

	Maria S. Dreyfus	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much of RVPH does Parag Saxena currently own?

The filing cites 6,259,806 shares, representing 8.7 % of Reviva’s common stock.

Which Vedanta entity fell below the 5 % ownership threshold in RVPH?

Vedanta Associates, L.P. dropped to 4.8 % and is no longer a 5 % beneficial owner as of 27 June 2025.

Do the reporting persons disclose any recent transactions in RVPH shares?

No. Item 5(c) confirms no transactions in the past 60 days.

What is the significance of the 4.99 % blocker mentioned in the filing?

Certain warrants cannot be exercised if doing so would push ownership above 4.99 %, limiting immediate voting power increases.

What percentage of RVPH is held by Vedanta Partners, LLC?

Vedanta Partners reports 5,367,069 shares, equal to 7.5 % of outstanding common stock.