Cadiz issues 2M depositary shares of 8.875% Series A Preferred Stock; $25/sh liquidation preference

CADIZ INC

Underwriting agreement with B. Riley Securities for 2,000,000 depositary shares (plus 300,000 option) each representing 1/1000th of Series A Preferred Stock.
Liquidation preference $25,000 per share of Series A Preferred Stock ($25 per depositary share); cumulative dividend rate 8.875% paid quarterly.
First dividend payable October 15, 2021; shares redeemable at company's option after July 2, 2026 at $25,000 per share.
Certificate of Designation filed July 1, 2021, creating 7,500 shares of Series A Preferred Stock; ranks senior to common stock.
Offered under existing shelf registration statement (Form S-3) effective June 25, 2021.

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