Financing ·
Cadiz raises $21 million in registered direct offering at $4.20 per share
CDZICadiz Inc
Cadiz Inc. entered into a placement agent agreement to sell 5,000,000 shares of common stock at $4.20 per share in a registered direct offering, raising approximately $21 million in gross proceeds and about $20 million in net proceeds after fees. The transaction is expected to close on or about October 30, 2026, subject to customary conditions. Directors and officers have entered into 90-day lock-up agreements. Net proceeds will fund general corporate purposes, including overhead, working capital, and development of the Mojave Groundwater Bank Project. Cadiz Inc. is a water solutions company developing long-term water supply, storage, conveyance, and treatment projects in California's Mojave Desert.