Cadiz to sell 5.715M common shares at $3.50 in registered direct offering

Cadiz (CDZI) announced that it has entered into a placement agent agreement for the purchase and sale of an aggregate of 5.715M shares of its common stock in a registered direct offering at a price of $3.50 per share. The aggregate gross proceeds to the company from the offering are expected to be approximately $20M, before deducting the placement agent’s fees and other offering expenses payable by the company. The offering is expected to close with institutional investors on or about March 10, subject to satisfaction of customary closing conditions. Roth Capital Partners is acting as the exclusive placement agent in the registered direct offering.