Cadiz to sell 7M common shares at $3.34 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 7M shares of its common stock in a registered direct offering at a price of $3.34 per share. The aggregate gross proceeds to the company from the Offering are expected to be approximately $23.38M, before deducting the placement agent’s fees and other offering expenses payable by the company. The company’s largest equity shareholder, Heerema International Group Services, participated in the offering maintaining ownership of approximately 34% of the company’s common stock. The offering is expected to close on or about November 5. B. Riley Securities is acting as the sole placement agent in the registered direct offering.