Cadiz raises ~$20M in registered direct offering of 5.7M shares at $3.50/share for groundwater bank project

CADIZ INC

Sold 5,715,000 common shares at $3.50 each; gross proceeds ~$20M, net proceeds ~$18.3M after fees.
Net proceeds to fund Mojave Groundwater Bank Project, including pipeline construction and wellfield infrastructure in 2025.
Roth Capital Partners is exclusive placement agent receiving 7% fee; 90-day lock-up for directors, officers, and largest shareholder.
Offering expected to close March 10, 2025 under effective S-3 registration statement (File No. 333-281507).

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