Cadiz raises $40.32M in registered direct offering led by largest shareholders Heerema and Odey

CADIZ INC

Sold 10.5M shares at $3.84 each; net proceeds ~$38.5M expected Feb 2, 2023.
Proceeds to repay $15M of $50M B. Riley credit facility, fund water project capex, working capital.
Largest shareholder Heerema to purchase 3.675M shares (~35% ownership maintained).
Credit agreement amended: principal reduced to $35M, maturity extended to June 2026 (subject to approval), $15M convertible at $4.80.
Interest rate unchanged at 7%; interest on $15M convertible to be paid in kind.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CADIZ INC entered into Placement Agent Agreement with B. Riley Securities, Inc. and Northland Securities, Inc. valued at $40.32 million (effective 2023-01-30).

Action: entry
Agreement: equity purchase
Counterparty: B. Riley Securities, Inc. and Northland Securities, Inc.
Value: $40.32 million
Effective: 2023-01-30

Exact text from the filing

On January 30, 2023, Cadiz Inc. (the “Company”) entered into a placement agent agreement with B. Riley Securities, Inc. (“BRS”), in its capacity as placement agent, and Northland Securities, Inc. (“Northland”), in its capacity as a “qualified independent underwriter” for purposes of compliance with FINRA Rule 5121, relating to the sale and issuance by the Company of 10,500,000 shares of the Company’s common stock (“Shares”) to certain institutional investors in a registered direct offering (the “Placement Agent Agreement”).

View on SEC.gov

Browse all material agreements →

CADIZ INC filing history →

Source: SEC EDGAR

accession 0001213900-23-006221

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.