Cadiz Inc. raises $10M via 5M share direct offering at $2.00; Heerema leads with $3.6M investment

CADIZ INC

5M shares at $2.00/share for gross proceeds of $10M in a registered direct offering without underwriter.
Heerema IGS anchors with $3.6M investment, will continue to own ~35.4% of outstanding common stock.
Proceeds to accelerate Cadiz Water Conservation and Storage Project and scale ATEC water filtration systems deployment.
Offering expected to close November 14, 2022; no underwriting discounts or commissions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

CADIZ INC entered into Securities Purchase Agreement with certain accredited investors valued at aggregate purchase price of $10 million (effective 2022-11-09).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: aggregate purchase price of $10 million
Effective: 2022-11-09

Exact text from the filing

On November 9, 2022, Cadiz Inc. (the “Company”) entered into a Securities Purchase Agreement with certain accredited investors relating to the sale and issuance by the Company of 5,000,000 shares of the Company’s common stock (“Shares”) to such investors in a registered direct offering (the “Purchase Agreement”).

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CADIZ INC filing history →

Source: SEC EDGAR

accession 0001213900-22-070863

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