#Los Angeles #Cadiz Inc #Mojave Groundwater #Water Crisis

Cadiz Inc. Raises $21 Million in Registered Direct Offering

In a strategic move to combat the ongoing water crisis in the Southwest, Cadiz Inc. (NASDAQ: CDZI, CDZIP) has announced a significant financial milestone. The company has successfully entered into a placement agent agreement, securing an impressive $21 million through the sale of 5 million shares at a price of $4.20 per share in a registered direct offering. This funding is designated to facilitate the development of the Mojave Groundwater Bank, the largest proposed solution to the region’s pressing water shortages.

A Significant Step Towards Sustainable Solutions

The announcement reflects the company’s proactive approach to addressing the dire water needs facing communities in the Mojave Desert and beyond. The offering was primarily underscored by a fundamental institutional investor well-versed in water resources, royalties, and inflation protection, alongside support from both new and existing shareholders. After accounting for placement agent fees and other expenses, the anticipated net proceeds from this venture are approximately $20 million.

"We are delighted to expand our institutional ownership at an inflection point for the Company," remarked Susan Kennedy, the distinguished Chair and CEO of Cadiz. She elaborated that the company has made