Global law firm Greenberg Traurig, LLP represented Cadiz Inc. (Nasdaq: CDZI), a California water solutions company, in a registered direct offering of 10.5 million shares of common stock, priced at $3.84 per share, with gross proceeds totaling $40.32 million. B. Riley Securities, Inc. acted as exclusive placement agent in the offering.
The offering was led by Cadiz’s largest shareholders, Heerema International Group Services SA, an international offshore energy and sustainable solutions company, and Odey Asset Management, with Heerema maintaining beneficial ownership of approximately 35% of the company’s common stock. Several longstanding Cadiz shareholders and some new investors also subscribed for shares in the offering.
Cadiz intends to use the net proceeds of the offering to accelerate capital expenditures and reduce debt, according to Cadiz.
The Greenberg Traurig team comprised Corporate Shareholders Kevin Friedmann, based in Chicago, Fort Lauderdale-based Laurie L. Green, and Homin Lee in Los Angeles, as well as Associate Siyuan An, also in Los Angeles.
The firm previously represented Cadiz in an underwritten public offering in 2021.
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