Cadiz raises $12M in registered direct offering led by Heerema; board observer right granted

CADIZ INC

6.86M shares at $1.75 per share for total proceeds of $12M; offering priced at-the-market.
Heerema IGS (largest shareholder) invests $5M; founder Keith Brackpool $2.5M; B. Riley affiliates $3.5M.
Heerema receives right to appoint one board observer or nominate one director; special meeting rights for 20% holders.
Proceeds to fund working capital and development of water supply/storage assets in California.
Closing expected March 23, 2022; no underwriting discounts or commissions paid.

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