Cadiz Inc. completes $21 million registered direct offering to fund Mojave water project
Cadiz Inc. announced a registered direct offering of 5 million common shares at $4.20 each, generating $21 million in gross proceeds. After fees, the company expects about $20 million in net cash, which will be used for corporate purposes and to advance the Mojave Groundwater Bank and related pipeline work. Roth Capital Partners is serving as the exclusive placement agent. The transaction is slated to close around October 30, 2026, pending customary closing conditions.
Why it matters
The net proceeds of roughly $20 million will provide additional capital for the development of the Mojave Groundwater Bank, potentially improving the project's financing profile and allowing Cadiz to pursue an equity partner for the Northern Pipeline (the company said this in its press release).
Key facts
- 1Cadiz sold 5 million common shares at $4.20 per share in a registered direct offering. tradingview.com
- 2The offering generated $21.0 million in gross proceeds. prnewswire.com
- 3Net proceeds after placement agent fees and other expenses are expected to be about $20.0 million. prnewswire.com
- 4Roth Capital Partners is the exclusive placement agent for the offering. stocktitan.net
- 5The closing of the offering is anticipated around October 30, 2026, subject to customary closing conditions. stocktitan.net
- 6Cadiz intends to use the net proceeds for general corporate purposes, including development and construction of the Mojave Groundwater Bank and related pipeline projects. prnewswire.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.