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Cadiz Inc is a land and water resource development company in California. Its primary business is to acquire and develop land with water resources for various uses, including groundwater supply, groundwater storage, and agriculture. The company focuses on the development of the Cadiz Valley Water Conservation, Recovery and Storage Project which will capture and conserve native groundwater currently being lost to evaporation from the aquifer system beneath the property of Cadiz and Fenner valleys of eastern San Bernardino County, and deliver it to water providers throughout Southern California. The company operates in two segment- Land and Water Resources and ATEC Water Systems LLC.
The Company maintains an organic agricultural operation at its primary property in the Cadiz Valley and manages the largest desert tortoise land conservation bank in California. Cadiz is dedicated to providing access to clean, reliable, and affordable water for people through a unique combination of water supply, storage, pipeline, and treatment solutions. The company offers a full suite of solutions to address the impacts of climate change on clean water access.
Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced the nomination of Maria Jelescu Dreyfus to its Board of Directors. Dreyfus, with over 20 years of strategic and financial expertise, has a significant background from Goldman Sachs and founded Ardinall Investment Management, focusing on clean energy transitions. Her experience spans investments in energy and infrastructure, and she is currently affiliated with multiple corporate boards. Dreyfus emphasizes the critical need for water management in the face of climate change, noting that trillions will be invested to ensure safe drinking water. Her nomination is set for a vote at the annual shareholder meeting in June. This strategic appointment is poised to strengthen Cadiz's position in the clean water solutions sector.
Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced the completion of three new groundwater wells at Cadiz Ranch, expanding its capacity to 36,000 acre-feet per year (AFY). These wells will support the Northern Pipeline's full volume of 25,000 AFY while aiding current agricultural operations. The project, authorized since 2012, aims to conserve 50,000 AFY for Southern California communities and can store one million acre-feet of surplus water. Recently, the Salton Sea Authority approved a contract securing 5,000 AFY from Cadiz for restoration efforts, enhancing the wellfield's significance in addressing water scarcity amidst continued pressure on the Colorado River system. CEO Scott Slater emphasized the company's role in providing solutions despite ongoing drought conditions.
Cadiz, Inc. (NASDAQ: CDZI, CDZIP) announced a cash dividend for its 8.875% Series A Cumulative Perpetual Preferred Stock. Holders will receive a cash dividend of $550.00 per whole share or approximately $0.55 per depositary share. This dividend will be paid on April 14, 2023, to shareholders on record as of April 4, 2023. The announcement reflects Cadiz's ongoing commitment to providing clean and affordable water solutions in California.
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.
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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