Cadiz (CDZI) Announces $20 Million Registered Direct Offering

Cadiz Inc. (NASDAQ: CDZI/CDZIP) (the "Company"), a California water solutions company, today announced that it has entered into a placement agent agreement for the purchase and sale of an aggregate of 5,715,000 shares of its common stock in a registered direct offering (the "Offering") at a price of $3.50 per share. The aggregate gross proceeds to the Company from the Offering are expected to be approximately $20 million, 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, 2025, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the Offering for capital and other expenses related to the development and construction of its groundwater banking project in the Mojave Desert (the "Mojave Groundwater Bank"), which may include acquisition of equipment and materials intended to be used in construction of facilities related to its northern and/or southern pipeline, which the Company expects to begin in 2025. Net proceeds from the Offering may also be used for the equipment and materials related to wellfield infrastructure on land owned by the Company and its subsidiaries, business development activities, other capital expenditures, working capital, the expansion of the business and acquisitions and general corporate purposes. The Company expects that expenses advanced by it related to the Mojave Groundwater Bank for which the net proceeds may be used will be reimbursed to the Company upon the closing of the expected project financing of the Mojave Groundwater Bank through Mojave Groundwater Storage Company, LLC ("MGSC"), a new entity established by the Company for purposes of construction, ownership, and operation of the Mojave Groundwater Bank and related projects.

Roth Capital Partners, LLC is acting as the exclusive placement agent in the registered direct offering.

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