Cadiz Declares Quarterly Dividend for Q1 2022 on Series A Cumulative Perpetual Preferred Stock

Rhea-AI Summary

Cadiz Inc. (Nasdaq: CDZI/CDZIP) declared a cash dividend of $550.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock, with $0.55 per depositary share. The dividend is payable on April 15, 2022, to shareholders of record as of April 4, 2022. Established in 1983, Cadiz focuses on sustainable water and agricultural projects, owning 70 square miles in Southern California and partnering with public water agencies to create a water supply for 400,000 people.

Positive

• Dividend of $550.00 per share indicates strong shareholder return.
• Commitment to sustainable projects enhances long-term growth potential.
• Cadiz Water Project aims to provide new water supply for 400,000 people.

Negative

• None.

LOS ANGELES, March 25, 2022 /PRNewswire/ -- Cadiz Inc. (Nasdaq: CDZI/CDZIP) ("Cadiz" or the "Company") today announced that its Board of Directors has declared the following cash dividend on Cadiz's 8.875% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock").

Holders of Series A Preferred Stock will receive a cash dividend equal to $550.00 per whole share.

Holders of depositary shares, each representing a 1/1000 fractional interest in a share of Series A Preferred Stock (Nasdaq: CDZIP), will receive a cash dividend equal to approximately $0.55 per depositary share.

The dividend will be paid on April 15, 2022 to respective holders of record as of the close of business on April 4, 2022.

About Cadiz Inc.

Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California business dedicated to sustainable water and agricultural projects. We own 70 square miles of property with significant water resources in Southern California and are the largest agricultural operation in San Bernardino County, California, where we have sustainably farmed since the 1980s. We are also partnering with public water agencies to implement the Cadiz Water Project, which was named a Top 10 Infrastructure Project that over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects and practicing responsible stewardship of our land, water and agricultural resources. For more information, please visit www.cadizinc.com.

Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates", "expect", "may", "plan", or "will". Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact, including statements regarding the Company's expectations regarding payments of dividends in the future. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements. These and other risks are identified in our filings with the Commission, including without limitation our Annual Report on Form 10-K for the year ended December 31, 2020, our Quarterly Reports on Form 10-Q for the three months ended March 31, 2021, June 30, 2021, and September 30, 2021 and in other filings subsequently made by the Company with the Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

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SOURCE Cadiz Inc.

FAQ

What is the dividend amount declared by Cadiz for Q1 2022?

Cadiz declared a cash dividend of $550.00 per share for its Series A Preferred Stock.

When will the Cadiz dividend be paid?

The dividend will be paid on April 15, 2022.

Who is eligible for the Cadiz dividend?

Holders of record as of April 4, 2022, are eligible for the dividend.

What is the value of the depositary shares for Cadiz?

Holders of depositary shares will receive approximately $0.55 per depositary share.

What are the future dividend prospects for Cadiz?

Future dividend payments are subject to the company's financial health and are considered in forward-looking statements.