Cadiz amends credit agreement: lenders can convert $15M debt at $4.80/share; maturity extended to 2026

CADIZ INC

Lenders may convert up to $15M of principal plus PIK interest into common stock at $4.80/share, subject to stockholder approval to increase authorized shares.
Maturity extended from July 2, 2024 to June 30, 2025; upon stockholder approval, automatically extended to June 30, 2026.
Interest rate remains 7% per annum; interest on the $15M convertible portion will be paid-in-kind quarterly.
Company can force conversion if 30-day VWAP exceeds 115% of conversion price, subject to stockholder approval and registration effectiveness.
Cadiz to issue up to ~3.97M shares upon full conversion of the convertible loan (including PIK and accrued interest).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CADIZ INC amended First Amendment to Credit Agreement with B. Riley Commercial Capital, LLC valued at Right to convert up to $15 million of outstanding principal plus PIK interest into common stock at $ (effective 2023-02-02).

Action: amendment
Agreement: credit facility
Counterparty: B. Riley Commercial Capital, LLC
Value: Right to convert up to $15 million of outstanding principal plus PIK interest into common stock at $
Effective: 2023-02-02

Exact text from the filing

On February 2, 2023, Cadiz Inc. (the “Company”) and its wholly-owned subsidiary, Cadiz Real Estate LLC, as borrowers (collectively, the “Borrowers”) entered into a First Amendment to Credit Agreement with B. Riley Commercial Capital, LLC (“B. Riley Commercial”) and B. Riley Securities, Inc. (“BRS”), as administrative agent

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CADIZ INC filing history →

Source: SEC EDGAR

accession 0001213900-23-009282

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