The capital raise provides near-term liquidity for the Mojave Groundwater Bank project but at a dilutive cost. Monitor for a final investment decision on the Northern Pipeline and any project equity partner announcement, which would signal whether the capital is sufficient to reach key milestones.
Price Chart
Executive Summary
Cadiz Inc. entered into a placement agent agreement with Roth Capital Partners to sell 5,000,000 shares at $4.20 per share in a registered direct offering, raising $21 million in gross proceeds ($20 million net). The offering closed on the same day as a separate 424B5 filing for the same shares, confirming the capital raise is financing the company's Mojave Groundwater Bank project and general corporate purposes. The 5.9% dilution is a material negative for existing shareholders, partially offset by the lock-up agreements restricting insider sales for 90 days.
Key Financial Metrics
Key Facts
- 5,000,000 shares sold at $4.20 per share for $21 million gross proceeds
- Net proceeds of approximately $20 million after fees and expenses
- Offering increases shares outstanding by 5.9% from 85,019,860 to 90,019,860
- Placement agent fee is 6% of gross proceeds, except no fee on up to $10 million from a certain investor
- Directors and officers subject to 90-day lock-up agreements
- Proceeds to be used for Mojave Groundwater Bank development, corporate overhead, and interest payments
- Offering was anchored by a fundamental institutional investor with water/royalties expertise
- Closing expected on October 30, 2026
Financial Impact
Dilution of 5.9% of outstanding shares, raising $21 million gross ($20 million net) at an 11% discount to the prior close of $4.72
Risk Factors
- 5.9% dilution to existing shareholders
- Offering at an 11% discount to prior close may pressure the stock
- Company has significant convertible debt overhang (up to ~9.9 million shares from convertible loans) that could further dilute
- Project development risk: the Mojave Groundwater Bank may require additional financing beyond this raise
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-113824 |
| Document: ea0310086-8k_cadiz.htm | 0001213900-26-113824 |
| Document: ea031008601ex5-1.htm | 0001213900-26-113824 |
| Document: ea031008601ex99-1.htm | 0001213900-26-113824 |
| Document: 0001213900-26-113824-index-headers.html | 0001213900-26-113824 |
| Document: 0001213900-26-113824-index.html | 0001213900-26-113824 |
| Document: 0001213900-26-113824.txt | 0001213900-26-113824 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $4.60 | awaiting T+1 | awaiting T+1 | $4.55 (+1.09%) |
Oct 29, 2026 3d ago | 424B5 | $4.71 $4.55 | ▲ +3.40% | ▲ +1.62% | $4.55 (+3.40%) |
Oct 29, 2026 3d ago | 10-K/A | $4.71 $4.55 | ▼ −3.40% | ▼ −1.62% | $4.55 (−3.40%) |
Oct 28, 2026 4d ago | SC 13G | $4.72 $4.71 | ▼ −0.21% | ▲ +0.17% | $4.55 (−3.60%) |
Jul 27, 2026 13w ago | 8-K | $3.08 $3.08 | · 0.00% | ▼ −0.24% | $4.55 (+47.73%) |
Jul 15, 2026 15w ago | 8-K | $3.64 $3.48 | ▼ −4.26% | ▼ −3.72% | $4.55 (+25.17%) |
Jun 11, 2026 20w ago | Institutional Cluster | $4.02 $3.99 | ▼ −0.75% | ▼ −1.29% | $4.55 (+13.18%) |
Feb 28, 2026 35w ago | Institutional Cluster | $5.45 $5.39 | ▼ −1.10% | ▼ −0.19% | $4.55 (−16.51%) |
US Market Status
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