Cadiz Inc. Files 8-K for Material Definitive Agreement

TL;DR

CADIZ just signed a big deal, filing an 8-K today. Watch this space.

AI Summary

On August 13, 2024, Cadiz Inc. entered into a material definitive agreement. The company, incorporated in Delaware, filed an 8-K report detailing this agreement and related financial statements and exhibits.

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 — Material definitive agreements can introduce new risks or opportunities, requiring further analysis of the agreement's terms and implications.

Key Players & Entities

• Cadiz Inc. (company) — Registrant
• August 13, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation

FAQ

Key Financial Figures

• $0.01 — h registered Common Stock , par value $0.01 per share CDZI The NASDAQ Global Mar
• $1,650 — will be a maximum of the lesser of (1) $1,650 per AFY or (2) the then prevailing full
• $1,000 — for conveyance, less grant funding, is $1,000 and in any event, will not exceed $1,65
• $850 — Cadiz expects to receive net revenue of $850 per AFY in 2024 dollars, or $170 millio
• $170 million — nue of $850 per AFY in 2024 dollars, or $170 million over 40 years, subject to annual inflat

Filing Documents

• cdzi20240814_8k.htm (8-K) — 40KB
• ex_714628.htm (EX-10.1) — 125KB
• 0001437749-24-026597.txt ( ) — 336KB
• cdzi-20240813.xsd (EX-101.SCH) — 4KB
• cdzi-20240813_def.xml (EX-101.DEF) — 13KB
• cdzi-20240813_lab.xml (EX-101.LAB) — 18KB
• cdzi-20240813_pre.xml (EX-101.PRE) — 13KB
• cdzi20240814_8k_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On August 13, 2024, Cadiz Inc. (the "Company" or "Cadiz"), Cadiz Real Estate, LLC, a wholly-owned subsidiary of Cadiz, and Fenner Gap Mutual Water Company ("FGMWC"), the nonprofit mutual benefit corporation established by Cadiz to deliver water to public water agencies, entered into a water supply agreement with Cucamonga Valley Water District ("CVWD"), a retail water provider serving communities in San Bernardino County, California including the City of Rancho Cucamonga and portions of the cities of Fontana, Ontario and Upland, and County unincorporated areas ("CVWD Agreement"). The CVWD Agreement provides for the purchase by CVWD of 5,000 acre-feet of water per year ("AFY") from the Cadiz Water Conservation, Supply and Storage project (the "Project") with conveyance through the Company's Northern Pipeline via an exchange with one or more contractors of the California State Water Project, the state water infrastructure system under the supervision of the California Department of Water Resources. The Company's Northern Pipeline, a 30-inch diameter, 220-mile, existing steel pipeline originating at Cadiz with a terminus at Wheeler Ridge, California has a delivery capacity of 25,000 AFY. The CVWD Agreement along with other agreements executed as of this reporting date represent 85% of the delivery capacity of the Northern Pipeline. The Company is in negotiations with public water systems to exercise and/or amend existing letters of intent and option agreements for the remaining capacity of the Northern Pipeline. Under the terms of the CVWD Agreement, the "as delivered" price paid by CVWD for Project water delivered to designated points of delivery will be a maximum of the lesser of (1) $1,650 per AFY or (2) the then prevailing full cost of recycled water recharge rate available to CVWD from the Inland Empire Utilities Agency ("IEUA"), its regional wholesale water agency, minus fifteen percent (15%). The targe

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) 10.1 Northern Pipeline Delivery Agreement, dated August 13, 2024, by and among Cadiz, Inc., Cadiz Real Estate LLC, Fenner Gap Mutual Water Company and Cucamonga Valley Water District. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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 of the benefits to be derived from the CVWD Agreement and other 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 contemplated grant funding, and other factors and considerations detailed in the Company's Securities and Exchange Commission filings. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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 hereunto duly authorized CADIZ INC. By: /s/ Stanley E. Speer Stanley E. Speer Chief Financial Officer Date: August 14, 2024

View Full Filing

View this 8-K filing on SEC EDGAR