secwatch.observer — SEC 8-K summary
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Issuer:     CADIZ INC (CDZI)
CIK:        0000727273
Form:       8-K
Filed at:   2023-02-08T23:59:59+00:00
Accession:  0001213900-23-009282
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/727273/000121390023009282/0001213900-23-009282-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/727273/000121390023009282/ea172927-8k_cadiz.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-009282

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