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
Cadiz Inc. (NASDAQ: CDZI) announced a public offering of 2,000,000 depositary shares, each representing a 1/1000th interest in its Series A Cumulative Perpetual Preferred Stock, aiming to raise $50 million in gross proceeds. The Company plans to allocate the net proceeds to repay outstanding debt, fund a segregated dividend account, and cover other corporate expenses. A new $50 million secured term loan is also expected to close alongside the offering. B. Riley Securities and others are acting as joint bookrunners for this offering.
Cadiz Inc. (NASDAQ:CDZI) has released the Spring 2021 issue of its quarterly newsletter, CDZI Magazine, highlighting significant company developments. CEO Scott Slater reported the flourishing of over 2,000 acres of crops at Cadiz Ranch while emphasizing the company's commitment to addressing California's water crisis through sustainable practices. Cadiz, which owns 70 square miles of water resources in Southern California, is working on the Cadiz Water Project, set to provide water supply for 400,000 people and enhance groundwater storage capacity. For more details, visit cadizinc.com.
SoCal Hemp JV LLC has renewed its partnership with Victor Valley College to advance research in desert hemp farming and product marketing. This collaboration aims to support students and explore innovative agricultural techniques, including irrigation methods suited for the Mojave Desert. The initiative continues through 2022, focusing on the cultivation, processing, and commercialization of hemp. SoCal Hemp, a joint venture between Cadiz and Glass House Farms, enhances local agricultural education and contributes to the understanding of hemp's potential in California's economy.
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.
Cadiz Inc. (NASDAQ: CDZI) has appointed Susan Kennedy to its Board of Directors, effective immediately. With over 30 years of experience, including roles as Commissioner of the California Public Utilities Commission and founder of renewable energy firm Advanced Microgrid Solutions, Kennedy's expertise will support Cadiz's commitment to sustainable water solutions in California. This leadership change follows the retirement of long-serving Board members Murray Hutchison and Richard Nevins. Kennedy will serve on the Compensation and Corporate Governance Committees as the company strives to expand its agricultural and water projects.
Cadiz Inc. (NASDAQ: CDZI) announced on March 23, 2021, that two lawsuits have been filed against the U.S. Bureau of Land Management’s permit grants for the company’s Cadiz Water Project. The lawsuits, from environmental groups, aim to obstruct the use of an existing 217-mile pipeline for water conveyance in California’s underserved areas. Cadiz asserts its commitment to augment California's water supply amid ongoing droughts, highlighting past legal victories against similar challenges. The company believes these recent lawsuits lack merit and will continue working to repurpose the pipeline for water access.
Cadiz Inc. (NASDAQ: CDZI) emphasizes the urgent need for innovative water solutions in response to California's ongoing drought, affecting over 1 million residents lacking reliable access to clean water. The company highlights its unique position to address the state's water supply needs through the Cadiz Water Project, which aims to create new water resources for 400,000 people annually and store up to 1 million acre-feet of water. Cadiz is acquiring a 220-mile pipeline to enhance California's water conveyance network, aiming to assist rural communities and promote sustainable water management.
Cadiz Inc. (NASDAQ: CDZI) highlights the ongoing water crisis in California amid drought conditions in a recent statement. CEO Scott Slater emphasizes the urgent need for innovative solutions to ensure reliable access to clean water for millions. The Cadiz Water Project aims to supply water for 400,000 residents annually and store up to 1 million acre-feet of water over ten years. Additionally, the company is enhancing the state's water conveyance system through a 220-mile pipeline acquisition, which will facilitate better access for communities currently lacking reliable water supplies.
Cadiz Inc. (NASDAQ: CDZI) released its CDZI Magazine for Q4 2020, featuring insights from CEO Scott Slater and updates on agricultural and water projects. The newsletter outlines the company's progress and outlook for 2021, emphasizing its commitment to sustainability in water resource management in Southern California. The Cadiz Water Project, recognized as a Top 10 Infrastructure Project, aims to supply water to 400,000 people and enhance groundwater storage capacity. The magazine is accessible on Cadiz's investor relations webpage.
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