Cadiz Inc. Declares Quarterly Dividend for Q3 2024 on Series A Cumulative Perpetual Preferred Stock

Rhea-AI Summary

Cadiz Inc. (NASDAQ: CDZI / CDZIP), a California water solutions company, has announced a quarterly dividend for Q3 2024 on its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders of Series A Preferred Stock will receive a cash dividend of $550.00 per whole share, while holders of depositary shares (Nasdaq: CDZIP) will receive $0.55 per depositary share. The dividend will be paid on October 15, 2024, to holders of record as of the close of business on October 4, 2024.

Cadiz, founded in 1983, is dedicated to providing clean, reliable, and affordable water through various solutions. The company owns 45,000 acres of land in California, has 2.5 million acre-feet of water supply, 220 miles of pipeline assets, and offers cost-effective water treatment filtration technology.

Positive

• Declared quarterly dividend for Series A Cumulative Perpetual Preferred Stock
• Owns 45,000 acres of land in California
• Possesses 2.5 million acre-feet of water supply
• Has 220 miles of pipeline assets

Negative

• None.

Insights

Financial Analyst

The declaration of a quarterly dividend on Cadiz Inc.'s Series A Cumulative Perpetual Preferred Stock is a routine event that provides a steady income stream for preferred shareholders. The $0.55 per depositary share dividend, equivalent to $550 per whole preferred share, reflects an annual yield of 8.875% based on the preferred stock's terms.

While dividend declarations are generally positive for income-focused investors, this news is unlikely to significantly impact the company's common stock (CDZI). The dividend payment is a predetermined obligation and doesn't provide new insights into the company's financial health or growth prospects.

Investors should note that preferred dividends must be paid before any dividends on common stock, which could impact future common stock dividend potential if the company faces financial constraints. However, Cadiz's water assets and infrastructure position it well in the growing water solutions market, potentially supporting long-term value for both preferred and common shareholders.

LOS ANGELES, Sept. 24, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz," the "Company"), a California water solutions company, today announced that 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 $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 $0.55 per depositary share.

The dividend will be paid on October 15, 2024, to applicable holders of record as of the close of business on October 4, 2024.

About Cadiz, Inc.

Founded in 1983, Cadiz, Inc. (NASDAQ: CDZI) is a California water solutions company dedicated to providing access to clean, reliable and affordable water for people through a unique combination of water supply, storage, pipeline and treatment solutions. With 45,000 acres of land in California, 2.5 million acre-feet of water supply, 220 miles of pipeline assets and the most cost-effective water treatment filtration technology in the industry, Cadiz offers a full suite of solutions to address the impacts of climate change on clean water access.

For more information, please visit https://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 Securities and Exchange Commission (the "Commission"), including without limitation our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Reports on Form 10-Q and 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 for Cadiz Inc.'s Series A Preferred Stock for Q3 2024?

Cadiz Inc. (CDZI) declared a cash dividend of $550.00 per whole share for its Series A Cumulative Perpetual Preferred Stock for Q3 2024.

When will Cadiz Inc. (CDZI) pay the Q3 2024 dividend for its Series A Preferred Stock?

Cadiz Inc. will pay the Q3 2024 dividend for its Series A Preferred Stock on October 15, 2024, to holders of record as of the close of business on October 4, 2024.

What is the dividend amount for Cadiz Inc.'s depositary shares (CDZIP) for Q3 2024?

Holders of Cadiz Inc.'s depositary shares (CDZIP), each representing a 1/1000 fractional interest in a share of Series A Preferred Stock, will receive a cash dividend of $0.55 per depositary share for Q3 2024.

How much water supply does Cadiz Inc. (CDZI) possess?

According to the press release, Cadiz Inc. (CDZI) possesses 2.5 million acre-feet of water supply.