Prnewswire·2025-03-07 13:42Core Viewpoint - Cadiz Inc. has announced a registered direct offering of 5,715,000 shares of common stock at a price of $3.50 per share, aiming to raise approximately $20 million in gross proceeds for various projects, particularly the Mojave Groundwater Bank [1][3]. Group 1: Offering Details - The offering is expected to close with institutional investors around March 10, 2025, pending customary closing conditions [2]. - Roth Capital Partners, LLC is acting as the exclusive placement agent for this offering [4]. - The shares are being offered under a shelf registration statement filed with the SEC, which became effective on August 22, 2024 [5]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for capital and other expenses related to the development and construction of the Mojave Groundwater Bank, including equipment and materials for pipeline construction [3]. - Additional uses for the proceeds may include wellfield infrastructure, business development activities, working capital, and general corporate purposes [3]. - The company anticipates reimbursement for expenses related to the Mojave Groundwater Bank upon the closing of project financing through a newly established entity, Mojave Groundwater Storage Company, LLC [3]. Group 3: Company Background - Cadiz Inc. is a California water solutions company founded in 1983, focusing on providing access to clean and reliable water through various solutions [8]. - The company manages 45,000 acres of land in California and has a water supply capacity of 2.5 million acre-feet, along with 220 miles of pipeline assets [8].