---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-006221"
form_type: "8-K"
ticker: "CDZI"
cik: "0000727273"
company_name: "CADIZ INC"
filed_at: "2023-01-31T23:59:59+00:00"
generated_at: "2026-06-20T05:59:17.495846+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-006221
- form_type: 8-K
- ticker: CDZI
- cik: 0000727273
- company_name: CADIZ INC
- filed_at: 2023-01-31T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/727273/000121390023006221/0001213900-23-006221-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/727273/000121390023006221/ea172442-8k_cadizinc.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-006221
- JSON: https://secwatch.observer/filing/0001213900-23-006221.json
- Plain text: https://secwatch.observer/filing/0001213900-23-006221.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000121390023006221/0001213900-23-006221-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.