Cadiz Inc. Announces Proposed Public Offering of Common Stock
01 December 2016 - 9:17AM
Cadiz Inc. (NASDAQ:CDZI) (“Cadiz” or the “Company”) today announced
that it intends to offer shares of its common stock in an
underwritten public offering. All shares offered are to be sold by
the Company. Cadiz also intends to grant the underwriter a 30-day
option to purchase additional shares equal to up to 15% of the
aggregate number of shares of common stock sold in the offering.
The offering is subject to market conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the final size or terms of the offering.
The Company expects to use the net proceeds from this offering
to fund final development of the Cadiz Valley Water Conservation,
Recovery and Storage Project (“the Cadiz Water Project”) and for
general corporate purposes, which may include business development
activities, capital expenditures, working capital and general and
administrative expenses.
B. Riley & Co., LLC is acting as sole book-runner in the
offering.
The shares of common stock described above are being offered by
Cadiz pursuant to a registration statement (No. 333-214318) filed
by the Company with the Securities and Exchange Commission (“SEC”)
that has been declared effective. A preliminary prospectus
supplement and accompanying base prospectus related to the offering
will be filed with the SEC on December 1, 2016 and will be
available on the SEC’s website located at http://www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying base prospectus relating to the offering, when
available, may be obtained from B. Riley & Co., LLC, 11100
Santa Monica Blvd., Suite 800 Los Angeles California 90025, or by
telephone at (888) 295-0155, or by email at
capitalmarkets@brileyco.com . Before you invest, you should read
the preliminary prospectus supplement and accompanying base
prospectus in the registration statement and other documents Cadiz
has filed or will file with the SEC for more complete information
about the Company and the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Cadiz
Founded in 1983, Cadiz Inc. is a publicly-held renewable
resources company that owns 70 square miles of property with
significant water resources in Southern California. We maintain an
organic agricultural development in the Cadiz Valley of eastern San
Bernardino County, California and are partnering with public water
agencies to implement the Cadiz Water Project, which over two
phases will create a new water supply for approximately 100,000
Southern California families and make available up to 1 million
acre-feet of new groundwater storage capacity for the region.
We abide by a wide-ranging “Green Compact” focused on environmental
conservation and sustainable practices to manage its land, water
and agricultural resources. For more information about Cadiz, visit
http://www.cadizinc.com/.
Safe Harbor Statement
All statements in this press release that are not based on
historical fact are “forward-looking statements.” While management
has based any forward-looking statements included in this press
release on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties and other
factors, many of which are outside of our control, which could
cause actual results to materially differ from such statements.
Such risks, uncertainties and other factors include, but are not
limited to, our ability to satisfy the closing conditions related
to the offering, or close the offering on the expected closing date
or at all, the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing, competition, general economic conditions and other
factors that are to be detailed in our periodic and current reports
available for review at www.sec.gov. Furthermore, we operate in a
competitive environment where new and unanticipated risks may
arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update
or revise forward-looking statements to reflect events or
circumstances that subsequently occur or of which we hereafter
become aware.
Contact:
Courtney Degener
213.271.1603
cdegener@cadizinc.com
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