secwatch.observer — SEC 8-K summary
======================================

Issuer:     CADIZ INC (CDZI)
CIK:        0000727273
Form:       8-K
Filed at:   2024-03-06T23:59:59+00:00
Accession:  0001213900-24-020294
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cadiz closes $57M credit agreement; receives $20M new loan from Heerema, extends maturities to 2027
--------------------------------------------------------------------------------

- Heerema lender provided $20M new secured convertible loan at 7% PIK interest, convertible at $5.30/share.
- All debt maturities extended to June 30, 2027; existing ~$16M convertible loans become unsecured and subordinated.
- Heerema received warrant to purchase 1M shares at $5.00/share, expiring June 30, 2027.
- Consent fee of $479,845 paid via 166,036 shares of common stock valued at $2.89/share.
- Proceeds fund water supply project development; Northern Pipeline construction expected 2025, water delivery by 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/0001213900-24-020294-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/ea0201148-8k_cadizinc.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-020294

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