Cadiz Announces $20 Mln Offering Of 5.715 Mln Shares At $3.50/Share

(RTTNews) - Cadiz Inc. (CDZI), Friday announced a registered direct offering of 5.715 million shares at $3.50 per share, expecting to raise around $20 million.

The proceeds would be primarily utilized for development and construction of the company's groundwater banking project in the Mojave Desert, equipment and materials related to wellfield infrastructure, business development activities, and acquisitions.

The offering is expected to close with institutional investors on or about March 10, 2025.

In the pre-market hours, Cadiz's stock is trading at $3.55, down 10.35 percent on the Nasdaq.