Cadiz Inc. announced on October 29, 2026, that it has entered into a placement agent agreement for a registered direct offering of 5 million shares of common stock at $4.20 per share, generating gross proceeds of $21.0 million.

Key Highlights

  • Offering size: 5 million shares of common stock at $4.20 per share, for gross proceeds of $21.0 million.
  • Net proceeds: Approximately $20.0 million after placement agent fees and other offering expenses, according to the filing.
  • Expected closing: On or about October 30, 2026, subject to customary closing conditions.
  • Placement agent: Roth Capital Partners is acting as exclusive placement agent in the offering.
  • Use of proceeds: General corporate purposes including corporate overhead, working capital, and expenses related to development and construction of the Mojave Groundwater Bank, which may include equipment and materials for the Northern Pipeline and/or Southern Pipeline projects.
  • Registration basis: Shares offered pursuant to a shelf registration statement on Form S-3 (File No. 333-281507), declared effective August 22, 2024.

Cadiz Registered Direct Offering: Terms, Use of Proceeds, and Project Context

According to the filing, Cadiz Inc. (NASDAQ:CDZI) has entered into a placement agent agreement for the purchase and sale of 5 million shares of its common stock at a price of $4.20 per share. The company disclosed that the offering is expected to result in net proceeds of approximately $20.0 million after deducting placement agent fees and other offering expenses. The filing states that the offering was "anchored by a fundamental institutional investor with deep expertise in water, royalties, hard assets, and inflation protection" and supported by other new and existing shareholders.

The company disclosed that net proceeds are intended for general corporate purposes, including corporate overhead, working capital, and expenses related to the development and construction of the Mojave Groundwater Bank. The filing notes these expenses "may include the acquisition of equipment and materials for facilities related to its Northern Pipeline and/or Southern Pipeline projects, business development activities and other capital projects." Susan Kennedy, identified in the filing as Chair and Chief Executive Officer, stated that the company "made significant progress advancing construction of the Mojave Groundwater Bank" and described Cadiz's tribal partner as the Lytton Rancheria of California.

Jacinto Hernandez, identified in the filing as Executive Vice President and Chief Financial Officer, stated that his focus since joining Cadiz has been "attracting long-term institutional investors, simplifying our capital structure, and improving anticipated project level returns." The filing describes the Mojave Groundwater Bank as "the largest new water supply and groundwater storage project in the Lower Colorado River Basin," noting that characterization is based on management estimates. The filing contains forward-looking statements, which the company cautions are subject to risks and uncertainties, including the risk that the offering may not be completed on anticipated terms, or at all.

What Was Disclosed

Cadiz Inc. disclosed a registered direct offering of 5 million common shares at $4.20 per share, with gross proceeds of $21.0 million and expected net proceeds of approximately $20.0 million, with Roth Capital Partners acting as exclusive placement agent and closing expected on or about October 30, 2026.