---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-009282"
form_type: "8-K"
ticker: "CDZI"
cik: "0000727273"
company_name: "CADIZ INC"
filed_at: "2023-02-08T23:59:59+00:00"
generated_at: "2026-06-19T22:08:53.264957+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001213900-23-009282
- form_type: 8-K
- ticker: CDZI
- cik: 0000727273
- company_name: CADIZ INC
- filed_at: 2023-02-08T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/727273/000121390023009282/0001213900-23-009282-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/727273/000121390023009282/ea172927-8k_cadiz.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-009282
- JSON: https://secwatch.observer/filing/0001213900-23-009282.json
- Plain text: https://secwatch.observer/filing/0001213900-23-009282.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000121390023009282/0001213900-23-009282-index.htm

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