Cadiz (CDZI) said Monday it is selling 7 million common shares in a registered direct offering at $3.34 per share for gross proceeds of about $23.4 million.
The company said its largest shareholder, Heerema International Group Services, participated in the offering, keeping a roughly 34% stake in Cadiz.
The offering is expected to close on or about Tuesday, Cadiz said.
The company said it plans to use the net proceeds to advance development of its water supply and groundwater banking project.
Cadiz said the proceeds may also be used for wellfield infrastructure-related equipment and materials, business development activities, other capital expenditures, working capital, expansion of the business and acquisitions, and general corporate purposes.
Price: 3.51, Change: +0.01, Percent Change: +0.29
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.