secwatch.observer — SEC 8-K summary
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Issuer:     CADIZ INC (CDZI)
CIK:        0000727273
Form:       8-K
Filed at:   2023-01-31T23:59:59+00:00
Accession:  0001213900-23-006221
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/727273/000121390023006221/0001213900-23-006221-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/727273/000121390023006221/ea172442-8k_cadizinc.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-006221

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer