Cadiz signs LOA for up to $175M investment in Mojave Groundwater Bank project

CADIZ INC

Lead investor (public water infrastructure company) commits up to $175M in MGSC.
Total equity capital expected up to $401M including Tribes and other investors.
Cadiz transfers Northern Pipeline, Southern Pipeline right-of-way, 51% water storage rights; receives ~$51M and up to $350M for construction.
Cadiz retains 49% of water storage rights and 100% of water supply contracts.
Profit distribution prioritizes investors until 7.5% annual yield; LOA non-binding, subject to definitive agreements.

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