Cadiz (CDZI) Plans Common Stock Offering
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Cadiz Inc. (Nasdaq: CDZI) announced that it intends to offer shares of its common stock in an underwritten public offering. All shares offered are to be sold by the Company. Cadiz also intends to grant the underwriter a 30-day option to purchase additional shares equal to up to 15% of the aggregate number of shares of common stock sold in the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the final size or terms of the offering.
The Company expects to use the net proceeds from this offering to fund final development of the Cadiz Valley Water Conservation, Recovery and Storage Project (“the Cadiz Water Project”) and for general corporate purposes, which may include business development activities, capital expenditures, working capital and general and administrative expenses.
B. Riley & Co., LLC is acting as sole book-runner in the offering.
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