Cadiz Inc. Announces Pricing Of Public Offering Of Common Stock

LOS ANGELES, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Cadiz Inc. (NASDAQ:CDZI) ("Cadiz" or the "Company") today announced the pricing of an underwritten public offering of 1,000,000 shares of its common stock at a price to the public of $9.75 per share. The gross proceeds from this offering are expected to be approximately $9.75 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The net proceeds from this offering, after deducting underwriting discounts and commissions, are anticipated to be approximately $9.26 million. The offering is expected to close on or about December 6, 2016, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 150,000 shares of common stock in connection with the public offering.

The Company expects to use the net proceeds from this offering to fund its 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 was filed with the SEC on November 30, 2016 and a final prospectus supplement and accompanying base prospectus related to the offering will be filed with the SEC and will be available on the SEC's website located at Copies of the final 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

If you liked this article you might like

7 Stocks Under $10 Making Big Moves

Cadiz (CDZI) Stock Jumps on New Leasing Agreement

4 Stocks Under $10 to Trade for Breakouts

Cadiz (CDZI): Today's Weak On High Volume Stock

Cadiz (CDZI) Strong On High Relative Volume Today