Cadiz Inc. shareholders approve key proposals

LOS ANGELES, June 13, 2025 – Cadiz Inc. (NASDAQ:CDZI), a water supply company based in California with a market capitalization of $230 million, announced the results of its 2025 Annual Meeting of Stockholders held on June 12, 2025. The meeting saw the election of directors, approval of an amendment to the equity incentive plan, ratification of independent auditors, and an advisory vote on executive compensation. According to InvestingPro data, the company’s stock has experienced significant volatility this year, with shares down over 45% year-to-date, though analysts remain optimistic about future profitability.

A total of 57,788,025 shares were present or represented by proxy at the meeting. All nominated directors were elected with a substantial majority of votes. The votes for each director ranged from 49,184,431 to 49,614,548, while votes withheld varied from 96,629 to 526,746. There were also 8,076,848 broker non-votes for each director.

The amendment to increase the number of shares reserved for issuance under the Cadiz Inc. 2019 Equity Incentive Plan was approved with 47,480,407 votes for, 2,201,294 against, and 29,476 abstentions. The same number of broker non-votes was recorded for this proposal.

PricewaterhouseCoopers LLP was ratified as the company’s independent auditors for the fiscal year 2025 with an overwhelming majority of 57,688,243 votes for and 88,787 against, with 10,995 abstentions.

The compensation of the company’s named executive officers was approved on an advisory basis with 44,879,252 votes for, 4,813,993 against, and 17,932 abstentions, along with 8,076,848 broker non-votes.

The meeting outcomes reflect shareholder confidence in the current management and strategic direction of the company. This information is based on a press release statement. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 2.19, though it faces near-term challenges. InvestingPro subscribers have access to 12 additional key insights about Cadiz Inc., including detailed financial health metrics and growth projections.

In other recent news, Cadiz Inc. has made significant strides in its water supply and storage project, achieving key milestones in the first quarter of 2025. The company secured 180 miles of steel pipe from the Keystone XL project, circumventing new import tariffs, and confirmed a lead investor for its project finance company. Additionally, Cadiz completed a $20 million equity raise to cover capital costs and development expenses. Roth/MKM initiated coverage on Cadiz with a Buy rating and a price target of $10.00, recognizing the strategic importance of Cadiz’s Mojave Ground Water Bank & Supply system in addressing Southern California’s water supply challenges. The analysts highlighted the project’s potential to generate substantial cash flow and the financial efficiency of its Public Private Partnership model. In another development, Cadiz declared a cash dividend for its Series A Cumulative Perpetual Preferred Stock, with a distribution date set for April 15, 2025. Holders of depositary shares will also receive a dividend, reflecting Cadiz’s commitment to providing returns to its investors. These recent developments underscore Cadiz’s progress in advancing its water solutions initiatives and financial strategies.

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