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LOS ANGELES - Cadiz Inc. (NASDAQ: CDZI), a California-based water solutions company trading at $3.44 per share, has declared a cash dividend for its Series A Cumulative Perpetual Preferred Stock, the company announced today. The dividend amounts to $550.00 per whole share and will be distributed on April 15, 2025, to shareholders of record as of April 4, 2025.
Additionally, holders of depositary shares, each representing a 1/1000 fractional interest in a share of Series A Preferred Stock (NASDAQ: CDZIP), will receive a cash dividend of $0.55 per depositary share.
Cadiz Inc., established in 1983, specializes in water supply, storage, pipeline, and treatment solutions, aiming to address the challenges posed by climate change to water accessibility. The company owns 45,000 acres of land in California and has significant water and pipeline assets.
The forward-looking statements in the press release, including expectations about future dividend payments, are subject to various risks and uncertainties that could cause actual events or results to differ from those projected. With a current ratio of 1.36, InvestingPro analysis shows the company maintains sufficient liquid assets to meet short-term obligations, though its stock has experienced significant volatility, falling 33.85% year-to-date. The company cautions that these statements are not guarantees of future performance and that they are based on management’s current assumptions and estimates.
This dividend announcement is based on a press release statement from Cadiz Inc. and has not been independently verified. Investors are advised to consider the risks detailed in the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q. For comprehensive financial analysis and additional insights, investors can access 12 more exclusive ProTips and detailed metrics through InvestingPro.
In other recent news, Cadiz Inc. has secured up to $175 million for the development of the Mojave Groundwater Storage Company, LLC, as part of a new agreement with a publicly traded company specializing in water infrastructure investments. This investment is a significant step in the financing of the Mojave Groundwater Bank project, with total equity capital expected to reach up to $401 million. Cadiz will contribute assets, including the Northern Pipeline and a majority stake in water storage rights, to the new entity. In return, Cadiz is set to receive approximately $51 million and up to an additional $350 million for project development and construction. The East Mojave Water Company, LLC, will manage MGSC, and profits will prioritize investors with a target annual yield of 7.5%. Further distributions will benefit Cadiz, disadvantaged communities, and participating Tribes. Completion of these transactions depends on the execution of definitive agreements and shareholder approval by the lead investor. The company aims to finalize these agreements promptly as part of its broader initiative to address water supply challenges.
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