|Bid||10.01 x 800|
|Ask||10.27 x 800|
|Day's Range||9.95 - 10.03|
|52 Week Range||8.42 - 12.97|
|Beta (5Y Monthly)||-0.66|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Company appoints Tim Shaheen to new Director of Development role and names new CFO as operations focus on expansion of agriculture development and complementary water.
Today, Cadiz Inc. (NASDAQ: CDZI) ("Cadiz", the "Company"), a California business dedicated to sustainable water and agricultural projects, announced that it has entered into agreements with the holders of the Company’s outstanding Convertible Notes due March 2020 ("Convertible Notes") to exchange approximately $27 million of outstanding principal amount of the Convertible Notes into a new series of convertible preferred stock that is convertible into common stock no later than March 2025 and has no dividend or required redemption. All remaining Convertible Notes were converted into common stock prior to their March 5, 2020 maturity date in accordance with their terms and the resulting common stock has been issued and is already outstanding. Concurrent with the exchange agreements, the Company also entered into an option agreement with its senior lender, Apollo Special Situations Fund, L.P., that provides the Company the right to extend the maturity date of its senior mortgage debt ("Senior Debt") at the Company’s option from the current maturity date of May 2021 to May 2022. In addition, the Company has completed its previously disclosed At the Market Offering, which raised approx. $25 million for its development program and working capital.
Today, Cadiz Inc. (NASDAQ: CDZI) ("Cadiz", the "Company") reported that on February 7, 2020 it received from the U.S. Bureau of Land Management ("BLM") reaffirmation that the Cadiz Water Project’s proposed use of the Arizona & California Railroad’s ("ARZC") right-of-way for its conveyance pipeline and related railroad improvements furthered a railroad purpose and is within the scope of the right-of-way, consistent with its conclusion in October 2017. The BLM confirmation responds to the direction of a June 2019 Los Angeles Central District Federal Court order requiring a supplementary explanation from BLM before the Court would validate BLM’s October 2017 evaluation. The 2020 analysis references the extensive record and sets forth the factual basis for its conclusions in detail while reaffirming the agency’s 2017 finding that the proposed infrastructure will further railroad purposes and therefore can be co-located and operated within the railroad right-of-way without additional BLM permitting.