MSK Client Cadiz Inc. Announces Pricing of Public Offering of Common Stock
On December 1, 2016, MSK client Cadiz Inc. (NASDAQ: CDZI) ("Cadiz") announced the pricing of an underwritten public offering of 1,000,000 shares of its common stock at a price to the public of $9.75 per share, for expected gross proceeds of approximately $9.75 million. The offering closed on December 6, 2016.
Cadiz expects to use the net proceeds from the offering to fund its final development of the Cadiz Valley Water Conservation, Recovery and Storage Project (the “Cadiz Water Project”) and for general corporate purposes.
MSK served as Cadiz' legal counsel in the public offering and a contemporaneous debt amendment transaction, led by Kevin Friedmann, Chairman of the Corporate & Business Transactions Department, Tony Adler, and Melanie Figueroa, MSK’s Office Managing Partner in New York. The MSK team also included Mary Ann Sapone, Gabrielle Napolitano, and Louisa Zhou.
"We are proud to have represented Cadiz in this offering, on the heels of closing a debt amendment transaction for the Company," stated Mr. Friedmann. “To have assisted Cadiz in reaching this milestone is extremely gratifying, as we know how transformative it may be for the Company. We're excited to move forward with Cadiz as it continues to develop the Cadiz Water Project, and expand its presence in the water resources industry," Mr. Friedmann concluded.
Doug Gold, Chief Marketing Officer