Cadiz Inc. Enters Material Definitive Agreement

Ticker: CDZIP · Form: 8-K · Filed: Mar 4, 2024 · CIK: 727273

Cadiz INC 8-K Filing Summary
FieldDetail
CompanyCadiz INC (CDZIP)
Form Type8-K
Filed DateMar 4, 2024
Risk Levelmedium
Pages5
Reading Time6 min
Key Dollar Amounts$0.01, $1,650, $1,500, $20, $1,000
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, definitive-agreement

TL;DR

CADIZ just signed a big deal, details TBD.

AI Summary

On February 28, 2024, Cadiz Inc. entered into a material definitive agreement. The filing does not provide specific details about the agreement, such as the counterparty or the financial terms involved.

Why It Matters

This filing indicates a significant new contract or partnership for Cadiz Inc., which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and implications of the agreement.

Key Players & Entities

FAQ

What is the nature of the material definitive agreement entered into by Cadiz Inc.?

The filing states that Cadiz Inc. entered into a material definitive agreement on February 28, 2024, but does not provide specific details about its nature.

Who is the counterparty to this material definitive agreement?

The filing does not disclose the name of the counterparty to the material definitive agreement.

What are the key terms and financial implications of this agreement?

The filing does not provide any information regarding the key terms or financial implications of the material definitive agreement.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on February 28, 2024.

What is the Commission File Number for Cadiz Inc.'s 8-K filing?

The Commission File Number for Cadiz Inc.'s 8-K filing is 0-12114.

Filing Stats: 1,415 words · 6 min read · ~5 pages · Grade level 13.7 · Accepted 2024-03-04 08:45:13

Key Financial Figures

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On February 28, 2024, Cadiz Inc. (the "Company" or "Cadiz") entered into (i) an Agreement for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Public Water Systems, among Cadiz, Cadiz Real Estate LLC, a wholly-owned subsidiary of Cadiz, Fenner Gap Mutual Water Company ("FGMWC") and Fontana Water Company ("FWC"), an investor-owned utility serving the City of Fontana, California (the "FWC Agreement"), and (ii) a Term Sheet for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Santa Margarita Water District in the Northern Pipeline (the "SMWD Term Sheet," and collectively with the FWC Agreement, the "Agreements"), among Cadiz, FGMWC and Santa Margarita Water District ("SMWD"). The Agreements provide for the purchase of a cumulative annual supply of 10,000 acre-feet of water from the Company's Water Conservation, Supply and Storage project (the "Project") with conveyance through the Company's 30-inch diameter, 220-mile, existing steel pipeline originating at Cadiz with a terminus at Wheeler Ridge (the "Northern Pipeline"). The FWC Agreement provides that FWC will purchase 5,000 acre-feet per year (AFY) of water from the Project made available to FWC via the East Branch of the State Water Project through an exchange with one or more contractors under the California State Water Project, a state water management project under the supervision of the California Department of Water Resources. The SMWD Term Sheet provides that SMWD will exercise its right to purchase 5,000 AFY pursuant to a Purchase & Sale Agreement entered into by the Company and SMWD in 2012 and that the Company will facilitate delivery to SMWD through the Company's Northern Pipeline via an exchange of water with a State Water Project contractor. Under the terms of the Agreements, FWC and SMWD will each pay a maximum of $1,650 per AFY as the "as delivered" price for Pro

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits 10.1* Agreement for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Public Water Systems, dated February 28, 2024, among Cadiz Inc., Cadiz Real Estate LLC, Fenner Gap Mutual Water Company and Fontana Water Company 10.2* Term Sheet for the Delivery of Water Made Available by Cadiz Inc. and Fenner Gap Mutual Water Company to Santa Margarita Water District in the Northern Pipeline, dated February 28, 2024, among Cadiz Inc., Fenner Gap Mutual Water Company and Santa Margarita Water District 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Portions of this exhibit have been omitted because such portions are both (i) not material and (ii) customarily and actually treated by the registrant as private or confidential. INFORMATION RELATING TO FORWARD LOOKING STATEMENTS This current report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company's expectation to enter into a definitive agreement reflecting the terms in the SMWD Term Sheet and the expected benefits to be derived from the Agreements and option agreements held by the Company. Such statements are subject to significant risks and uncertainties, including the Company's ability to fulfill the required contractual conditions and complete the needed construction for water delivery to occur. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company's forward-looking statements include delays in the supply chain for materials, whether the parties to the Agreements will be able to obtain the con

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CADIZ INC. By: /s/ Stanley E. Speer Stanley E. Speer Chief Financial Officer Date: March 4, 2024

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