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Strong Buy (4.00 out of 4)
96th percentile
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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Friday, March 29, 11:58 AM
Slide #64. Cadiz Inc. — Preferred Stock Offering
Company: |
Cadiz Inc. (NASDAQ:CDZI) |
Date announced: |
6/28/2021 |
Shares Offered: |
2,000,000 |
Date of Pricing: |
6/30/2021 |
Price Per Share: |
$25.00 |
Preferred Stock Offering Details: |
Cadiz Inc. ("Cadiz", the "Company" or "we") (NASDAQ: CDZI) today announced it has commenced an underwritten registered public offering of 2,000,000 depositary shares, each representing a 1/1000th fractional interest in a share of the Company's Series A Cumulative Perpetual Preferred Stock, with a liquidation preference of $25.00 per depositary share, to raise anticipated gross proceeds of $50.0 million before deducting transaction expenses, subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional depositary shares in connection with the offering. -updated 6/30- Cadiz Inc. ("Cadiz", the "Company" or "we") (NASDAQ: CDZI) today announced the pricing of its underwritten registered public offering of 2,000,000 depositary shares at an initial public offering price of $25.00 per depositary share, raising gross proceeds of $50 million before deducting underwriting discounts and other estimated offering expenses. The offering is expected to close on or about July 2, 2021, subject to customary closing conditions. Each depositary share represents a 1/1000th fractional interest in a share of the Company's 8.875% Series A Cumulative Perpetual Preferred Stock (the "Series A Preferred Stock"). The Company's depositary shares are expected to begin trading on NASDAQ under the symbol "CDZIA" within 30 business days of the closing date of this offering, if approved. Dividends on the Series A Preferred Stock underlying the depositary shares will be paid when declared by the Board at a fixed rate of 8.875% with liquidation preference equivalent to $25.00 per depositary share. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 300,000 depositary shares. |
CADIZ is a water solutions provider. Co. owns land with access to groundwater resources in three areas of Southern California's Mojave Desert: the Cadiz Valley, Danby Dry Lake, and the Piute Valley. Co.'s supply, storage and pipeline assets are in San Bernardino County that sits at the crossroads of major highway, rail, energy, and water infrastructure between California's primary water supply systems, the Colorado River Basin and the State Water Project. As a result, Co.'s Cadiz Water Conservation and Storage Project is positioned to assist public water agencies in storing and managing unpredictable water supplies and provide water supplies to underserved areas of California. Preferred: CDZIP
Open the CDZI Page at Preferred Stock Channel »
Name: |
CADIZ Inc |
Website: |
www.cadizinc.com |
Sector: |
Water Utilities |
Number of ETFs Holding CDZI: |
11 (see which ones) |
Total Market Value Held by ETFs: |
$9,868,644 |
Total Market Capitalization: |
$173,000,000 |
% of Market Cap. Held by ETFs: |
5.70% |
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Open the CDZI Page at Preferred Stock Channel (in a new window) »
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