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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Thu, December 2, 6:52 PM

Slide #29. Cadiz Inc. Preferred Stock Offering

Company: Cadiz Inc. (NASDAQ:CDZI)
Date announced: 6/28/2021
Shares Offered: 2,000,000
Date of Pricing: 6/30/2021
Price Per Share: $25.00
Preferred Stock Offering Details: Cadiz Inc. ("Cadiz", the "Company" or "we") (NASDAQ: CDZI) today announced it has commenced an underwritten registered public offering of 2,000,000 depositary shares, each representing a 1/1000th fractional interest in a share of the Company's Series A Cumulative Perpetual Preferred Stock, with a liquidation preference of $25.00 per depositary share, to raise anticipated gross proceeds of $50.0 million before deducting transaction expenses, subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional depositary shares in connection with the offering. -updated 6/30- Cadiz Inc. ("Cadiz", the "Company" or "we") (NASDAQ: CDZI) today announced the pricing of its underwritten registered public offering of 2,000,000 depositary shares at an initial public offering price of $25.00 per depositary share, raising gross proceeds of $50 million before deducting underwriting discounts and other estimated offering expenses. The offering is expected to close on or about July 2, 2021, subject to customary closing conditions. Each depositary share represents a 1/1000th fractional interest in a share of the Company's 8.875% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock"). The Company's depositary shares are expected to begin trading on NASDAQ under the symbol "CDZIA" within 30 business days of the closing date of this offering, if approved. Dividends on the Series A Preferred Stock underlying the depositary shares will be paid when declared by the Board at a fixed rate of 8.875% with liquidation preference equivalent to $25.00 per depositary share. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 300,000 depositary shares.

Cadiz is a natural resources development company. Co. is focused on the development of the Cadiz Valley Water Conservation, Recovery and Storage Project, which is designed to manage the aquifer system at the Cadiz Property to capture and conserve groundwater and provide water supply in Southern California. Co.'s Cadiz Property is zoned to allow for agricultural development, including its Cadiz Ranch, which has been permitted for agricultural use, allowing for planting, irrigation and related infrastructure. Co. has allocated several acres of its Piute Valley properties to conservation.
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Name: 
CADIZ Inc
Website: 
www.cadizinc.com
Sector: 
Water Utilities
Number of ETFs Holding CDZI: 
14 (see which ones)
Total Market Value Held by ETFs: 
$24,602,162
Total Market Capitalization: 
$177,000,000
% of Market Cap. Held by ETFs: 
13.90%
 

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