Business
Cadiz Inc. Announces Offering of Depositary Shares and Series A Cumulative Perpetual Preferred Stock
LOS ANGELES, June 28, 2021 /PRNewswire/ -- Cadiz Inc. ("Cadiz", the "Company" or "we") (NASDAQ: CDZI) today announced it has commenced an underwritten
About this update from Cadiz, Inc.
[{"type":"text","content":" LOS ANGELES, June 28, 2021 /PRNewswire/ -- 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.\n\n \n \n \n \n \n \n\n \nThe Company expects to use the net proceeds of this offering, together with a new $50 million secured term loan expected to be entered into concurrently with the closing of the offering, to repay outstanding debt, fund the segregated dividend account and transaction related expenses of the offering and the remaining net proceeds for working capital needs and for general corporate purposes. \nB. Riley Securities, Inc., Boenning & Scattergood, Inc., Ladenburg Thalmann & Co. Inc., William Blair & Company and Incapital LLC are acting as joint bookrunners for this offering. \nThe offering of these securities is being made pursuant to an effective shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission (the \"SEC\") on June 17, 2021 and declared effective by the SEC on June 25, 2021. The offering of these depositary shares will be made only by means of a prospectus and prospectus supplement. A copy of the prospectus and prospectus supplement relating to these securities may be obtained, when available, from the website of the SEC at http://www.sec.gov or by contacting: B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, Virginia 22209, Attn: Prospectus Department, Email: [email protected], Telephone: (703) 312-9580.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nAbout Cadiz...