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Wednesday, May 25, 2022

Cadiz Inc. (CDZI) stock surged in the current market; here is why?

Cadiz Inc. (CDZI) stock surged in the current market after announcing a $12 million equity investment via registered direct Offering. CDZI values $2.27, gaining more than 29% from the previous closing price. CDZI stock closed at $1.75 at the end of the last trading session. CDZI stock volume traded in the last trading session was around 309.45K shares. The current market cap of the company is about $91.65 million.


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CDZI $12 Million Equity investment

In a press release today, Cadiz Inc. (CDZI) announced that it had inked a deal with its largest shareholder Heerema International Group Services SA. According to the agreement, Cadiz Inc. (CDZI) has formalized a definitive securities purchase agreement for a registered direct offering. 6.86 million Common stock shares of CDZI have been offered at $1.75 per share totaling $12 million. 

Cadiz Inc. (CDZI) aims to utilize the proceeds for operating capital and continuing development of its California properties. 

Heerema IGS, world-renowned offshore energy, and sustainable solutions organization, invested $5 million in the Offering. After the deal is finalized, Heerema will be given the authority to place its representative on the board of directors. Heerema IGS will have more than 35.4% control of the company once the deal is official.

The Offering is slated to conclude on March 23, 2022. Without an underwriter or a placement agency, the Company will not pay any underwriting discounts or commissions.

CDZI Management Remarks 

Susan Kennedy, Executive Chair of Cadiz, said that we are grateful for the significant support we have received from our institutional investors, particularly Heerema IGS, our present shareholders, and our lenders, as we work to achieve our objective.

Conclusion

Cadiz Inc. (CDZI) is currently gaining after the equity investment from its largest investor. The company is looking forward to using the proceedings in different operations. But it is keen on using it as working capital and developing Californian assets. 

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