Cadiz rallies on equity investment by top holder, founder

Cadiz

21/03/2022 14:57

** Shares of Cadiz Inc  CDZI.O , a California business
dedicated to sustainable water and agricultural projects, jump
18.3% to $2.07 after $12 mln cash infusion
    ** Shares on track for biggest one-day pct rise since Sept
4, 2018
    ** Co early Mon announces 6.86 mln shares sold at $1.75 in
direct offering  urn:newsml:reuters.com:*:nPn4JDbgTa
    ** #1 holder Heerema International Group Services SA
invested $5 mln, and will own 35.4% stake in CDZI
    ** Co founder Keith Brackpool invested $2.5 mln, and
affiliates of its lender, B. Riley Securities, invested an
additional $3.5 mln
    ** CDZI plans to use proceeds for working capital, and
support ongoing development activities related to water supply,
storage and conveyance assets in the state
    ** With move on the session, shares down nearly 50% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))