Welcome to our dedicated page for CADIZ news (Ticker: CDZI), a resource for investors and traders seeking the latest updates and insights on CADIZ stock.
CADIZ, Inc. (NASDAQ: CDZI) is a pioneering renewable resource company founded in 1983, dedicated to sustainable water and land management solutions across Southern California. The company boasts ownership of over 70 square miles of land in California's eastern Mojave Desert, rich with water resources and ideal conditions for organic farming and land conservation.
Cadiz operates primarily through two segments: Land and Water Resources, and ATEC Water Systems LLC. At its core, Cadiz focuses on the Cadiz Valley Water Conservation, Recovery, and Storage Project, designed to capture and conserve billions of gallons of renewable groundwater currently lost to evaporation. By actively managing the groundwater aquifer system, this project aims to provide a sustainable water supply to various communities and industries throughout Southern California.
The company’s operations span extensive organic farming activities in the Cadiz Valley and management of California’s largest desert tortoise land conservation bank. In line with its commitment to innovative water solutions, Cadiz acquired ATEC Water Systems in 2022, a leader in groundwater filtration technologies.
Recent notable achievements underline Cadiz’s strategic advancements. In February 2024, the company secured a significant financing agreement with Heerema International Group Services BV to bolster its water supply, pipeline, filtration, and storage assets. This agreement included Heerema acquiring a $21.2 million Senior Secured Loan and providing an additional $20 million for capital investments, extending the company’s financial runway to 2027.
Additionally, Cadiz has been proactive in addressing housing needs through strategic water agreements. In March 2024, the company signed a deal with Solstra Communities California LLC to supply water for the development of sustainable housing for military and working families. This agreement highlights Cadiz’s role in supporting California’s housing objectives by ensuring reliable water access for new developments.
Cadiz's commitment to addressing climate change impacts on water access is evident through its robust infrastructure. The company manages 220 miles of pipeline assets and operates extensive water storage facilities, including a dynamic aquifer system capable of storing millions of acre-feet of water. This infrastructure supports Cadiz’s mission to deliver clean, reliable, and affordable water.
In partnership with various water agencies, Cadiz contributes to regional water security initiatives. For instance, the company’s
ATEC Water Systems, a subsidiary of Cadiz (NASDAQ: CDZI), has secured a $10 million contract from the Central Utah Water Conservancy District for its Vineyard Wellfield project. The project aims to deliver 60 million gallons per day of clean groundwater to central Utah. Under the contract, ATEC will manufacture 320 innovative filters over the next year, marking the largest contract in ATEC's history. The filters will address elevated levels of manganese, iron, ammonia, and hydrogen sulfide in the water, enhancing its quality for local communities. ATEC has been a pioneer in water filtration since 1982.
Cadiz Inc. (NASDAQ: CDZI, CDZIP) announced the official initiation of the Technical Review Panel (TRP) for its Water Conservation and Storage Project. Comprised of independent scientists in hydrogeology and sustainable groundwater management, the TRP's role is to monitor environmental conditions and establish baseline data prior to project operations. Appointed members include Will Halligan and David Jordan, both experienced experts in the field. The panel will support the Groundwater Management, Monitoring and Mitigation Plan, designed to ensure the sustainable management of groundwater resources. The TRP is expected to be fully operational by the end of February 2023.
Cadiz Inc. (NASDAQ: CDZI, CDZIP) has priced a registered direct offering of 10.5 million shares of common stock, raising approximately $40.32 million. This offering, led by major shareholders Heerema IGS and Odey Asset Management, aims to accelerate the development of clean water supply projects in California and reduce company debt. Net proceeds, estimated at $38.5 million, will be used to fund capital expenditures, repay $15 million of existing debt, and support additional water resources. The offering is set to close on or around February 2, 2023.
A historic agreement was announced on January 10, 2023, between the Torres Martinez Desert Cahuilla Indians, the Farmworkers Institute of Education & Leadership Development, and Cadiz, a water solutions company. This joint venture aims to develop 11,000 acres in the Eastern Mojave Desert to generate water and economic opportunities for tribal and farmworker communities in California. The project will enhance workforce development and infrastructure while ensuring sustainable groundwater management. Cadiz will contribute land and support, while FIELD will provide education in sustainable practices.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) has declared a cash dividend of $560.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock. This dividend will be paid on January 17, 2023, to shareholders on record as of January 4, 2023. For holders of depositary shares, each representing a 1/1000 fractional interest in a share of Series A Preferred Stock, the cash dividend is approximately $0.56 per share. The company continues to pursue its mission of sustainable water management in California.
Cadiz Inc. (NASDAQ: CDZI, CDZIP) has announced a registered direct offering of 5 million shares, raising a total of $10 million. Heerema International Group Services, the largest equity shareholder, contributed $3.6 million to this offering. The proceeds will be used for the Cadiz Water Conservation and Storage Project and to deploy water filtration systems acquired from ATEC Systems. Following the offering, Heerema will own approximately 35.4% of Cadiz's outstanding stock. The offering is expected to close on November 14, 2022.
Cadiz Inc. (NASDAQ: CDZI, CDZIP) has announced the acquisition of ATEC Systems, a provider of advanced groundwater filtration systems. This strategic move aims to diversify Cadiz's clean water solutions and enhance access to affordable drinking water in underserved California communities. The acquisition is expected to close soon, with ATEC continuing to operate under its name. Cadiz's flagship project captures surplus groundwater to mitigate evaporation, ultimately providing clean water to millions. ATEC's proven technology addresses significant groundwater contamination challenges, further aligning with Cadiz's mission.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) has announced a cash dividend of $550.00 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders of depositary shares (NASDAQ: CDZIP) will receive approximately $0.55 per depositary share. The dividend is set to be paid on October 14, 2022, to shareholders on record as of October 4, 2022. Cadiz is focused on sustainable water solutions in California, with projects aimed at supplying water for 400,000 people annually by utilizing innovative groundwater management.
Cadiz Inc. (NASDAQ: CDZI/CDZIP) is set to start construction on three new groundwater wells at Cadiz Ranch in October 2022, increasing its wellfield capacity to 36,000 acre-feet per year, a 33% boost from current capacity. An engineering study for the Northern Pipeline Project, which aims to convert an existing oil and gas pipeline to transport water, is complete. This pipeline can deliver approximately 25,000 acre-feet of water uphill to Barstow and 30,000 acre-feet downhill for storage. The project aims to address water scarcity in California.
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