Cadiz Inc. Issues Statement on Unusual Trading Activity Related to its Securities

Rhea-AI Summary

Cadiz Inc. (NASDAQ: CDZI) released a statement on unusual trading activity preceding lawsuits filed against the U.S. Bureau of Land Management regarding water rights permits for its 220-mile pipeline project in California. CEO Scott Slater expressed concern over this trading activity, indicating the company is evaluating the situation with third parties. Despite the legal challenges, Cadiz affirmed that its business plan to supply and manage water resources for California communities is on track.

Positive

• Cadiz emphasizes commitment to water supply and infrastructure projects for California.
• The Cadiz Water Project aims to provide a significant new water supply and groundwater storage, benefiting approximately 400,000 people.

Negative

• Lawsuits filed by environmental organizations may hinder project momentum and stakeholder confidence.
• Unusual trading activity raises concerns about market manipulation ahead of critical lawsuits.

LOS ANGELES, March 26, 2021 /PRNewswire/ -- Cadiz Inc. ("the Company", NASDAQ:CDZI) issued the following statement regarding unusual trading in its common stock in the days preceding the March 23, 2021 filing of lawsuits by organizations, including the Center for Biological Diversity, Sierra Club, and National Parks Conservation Association et al., against the U.S. Bureau of Land Management relating to right-of-way permits issued to the Company, which authorize the conveyance of water in an idle 220-mile steel pipeline that travels across working class communities in California's San Bernardino and Kern Counties.

Scott Slater, Cadiz CEO & President stated: "While Cadiz does not normally comment on market activity, the Company is concerned by the appearance of unusual trading in the days leading up to the filing of two lawsuits by Cadiz Water Project opponents on March 23^rd. We are working with third parties to evaluate this activity and will notify shareholders of any developments.

"Our business plan and our mission to make water supply, storage and infrastructure available to California communities in need remains on track and undeterred."

About Cadiz Inc.

Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California business dedicated to sustainable water and agricultural projects, guided by a holistic land management strategy and by sustainable resource development practices throughout our business activities. We own 70 square miles of property with significant water resources in Southern California and are the largest agricultural operation in San Bernardino County, 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. We also manage over 35,000 acres of desert open space, including the Fenner Valley Desert Tortoise Conservation Bank, California's largest land bank dedicated to the protection of the threatened desert tortoise. For more information, please visit www.cadizinc.com.

FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company.  Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Factors that could cause actual results or events to differ materially from those reflected in the Company's forward-looking statements include the Company's ability to maximize value for Cadiz land and water resources, the Company's ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company's Securities and Exchange Commission filings.

 

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SOURCE Cadiz Inc.

FAQ

What is the reason for Cadiz Inc.'s unusual trading activity?

Cadiz Inc. noted unusual trading activity before lawsuits were filed against the U.S. Bureau of Land Management regarding its water rights permits.

What legal challenges is Cadiz Inc. facing?

The company is facing lawsuits from environmental organizations like the Center for Biological Diversity, involving the permits for its pipeline project.

How does the Cadiz Water Project impact California communities?

The Cadiz Water Project is designed to create a new water supply for around 400,000 people and increase groundwater storage capacity in the region.

What did the CEO of Cadiz Inc. say about the unusual trading?

CEO Scott Slater expressed concern over the unusual trading activity and stated that the company is assessing the situation with third parties.

What is the stock symbol for Cadiz Inc.?

The stock symbol for Cadiz Inc. is CDZI.