Cadiz Declares Quarterly Dividend on Series A Cumulative Perpetual Preferred Stock

Rhea-AI Summary

Cadiz Inc. (Nasdaq: CDZI/CDZIP) announced a cash dividend of $630.00 for each share of its 8.875% Series A Cumulative Perpetual Preferred Stock, and $0.63 per depositary share. The dividend is scheduled for payment on October 15, 2021, to shareholders of record by the close of business on October 5, 2021. Cadiz focuses on sustainable water and agricultural projects in California, managing significant water resources and farming operations.

Positive

• Declaring a dividend of $630.00 per share indicates financial health and commitment to returning value to shareholders.
• The scheduled payment date of October 15, 2021, allows for timely income for shareholders.

Negative

• None.

LOS ANGELES, Sept. 27, 2021 /PRNewswire/ -- Cadiz Inc. (Nasdaq: CDZI/CDZIP) ("Cadiz" or the "Company") today announced its Board of Directors has declared the following cash dividend on the Company'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 $630.00 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 $0.63 per depositary share.

The dividend will be paid on October 15, 2021 to respective holders of record at of the close of business on October 5, 2021.

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, and June 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 payment amount for Cadiz Inc. preferred stock?

The cash dividend payment is $630.00 per share of Series A Preferred Stock.

When will the dividend for Cadiz Inc. be paid?

The dividend will be paid on October 15, 2021.

What is the record date for the Cadiz Inc. dividend?

The record date for the dividend is October 5, 2021.

What is the dividend value for depositary shares of Cadiz Inc.?

Each depositary share will receive a dividend of approximately $0.63.

How does the dividend impact shareholders of Cadiz Inc.?

The dividend reflects Cadiz Inc.'s commitment to returning value to shareholders, providing a direct income stream.