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Cadiz Inc. – ‘10-Q’ for 3/31/21

On:  Monday, 5/17/21, at 4:23pm ET   ·   For:  3/31/21   ·   Accession #:  1437749-21-12533   ·   File #:  0-12114

Previous ‘10-Q’:  ‘10-Q’ on 11/5/20 for 9/30/20   ·   Next:  ‘10-Q’ on 8/13/21 for 6/30/21   ·   Latest:  ‘10-Q’ on 11/13/23 for 9/30/23   ·   10 References:   By:  Cadiz Inc. – ‘424B5’ on 4/2/24 By:  Cadiz Inc. – ‘424B5’ on 2/1/23 By:  Cadiz Inc. – ‘424B5’ on 11/10/22 By:  Cadiz Inc. – ‘424B5’ on 3/22/22 By:  Cadiz Inc. – ‘424B5’ on 7/7/21 By:  Cadiz Inc. – ‘424B5’ on 7/1/21 By:  Cadiz Inc. – ‘424B5’ on 6/28/21 By:  Cadiz Inc. – ‘S-3’ on 6/17/21 By:  Cadiz Inc. – ‘424B5’ on 6/4/21 To:  Cadiz Inc. – ‘10-K’ on 3/26/21 for 12/31/20 

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/17/21  Cadiz Inc.                        10-Q        3/31/21   48:3M                                     RDG Filings/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    349K 
 2: EX-31.1     CEO Certification Pursuant to Section 302 of the    HTML     18K 
                Sarbanes-Oxley Act of 2002                                       
 3: EX-31.2     CFO Certification Pursuant to Section 302 of the    HTML     18K 
                Sarbanes-Oxley Act of 2002                                       
 4: EX-32.1     CEO Certification Pursuant to 18 U.S.C. Section     HTML     15K 
                1350                                                             
 5: EX-32.2     CFO Certification Pursuant to 18 U.S.C. Section     HTML     15K 
                1350                                                             
12: R1          Document And Entity Information                     HTML     68K 
13: R2          Condensed Consolidated Statements of Operations     HTML     63K 
                and Comprehensive Loss (Unaudited)                               
14: R3          Condensed Consolidated Balance Sheets (Unaudited)   HTML     97K 
15: R4          Condensed Consolidated Balance Sheets (Unaudited)   HTML     31K 
                (Parentheticals)                                                 
16: R5          Condensed Consolidated Statements of Cash Flows     HTML     84K 
                (Unaudited)                                                      
17: R6          Condensed Consolidated Statements of Stockholders'  HTML     63K 
                Deficit (Unaudited)                                              
18: R7          Note 1 - Basis of Presentation                      HTML     42K 
19: R8          Note 2 - Long-term Debt                             HTML     21K 
20: R9          Note 3 - Stock-based Compensation Plans             HTML     20K 
21: R10         Note 4 - Income Taxes                               HTML     22K 
22: R11         Note 5 - Net Loss Per Common Share                  HTML     18K 
23: R12         Note 6 - Leases                                     HTML     43K 
24: R13         Note 7 - Fair Value Measurements                    HTML     27K 
25: R14         Note 8 - Common Stock and Preferred Stock           HTML     19K 
26: R15         Note 9 - Subsequent Events                          HTML     18K 
27: R16         Significant Accounting Policies (Policies)          HTML     44K 
28: R17         Note 1 - Basis of Presentation (Tables)             HTML     24K 
29: R18         Note 6 - Leases (Tables)                            HTML     42K 
30: R19         Note 7 - Fair Value Measurements (Tables)           HTML     22K 
31: R20         Note 1 - Basis of Presentation (Details Textual)    HTML     68K 
32: R21         Note 1 - Basis of Presentation - Components of      HTML     23K 
                Cash, Cash Equivalents and Restricted Cash                       
                (Details)                                                        
33: R22         Note 2 - Long-term Debt (Details Textual)           HTML     45K 
34: R23         Note 3 - Stock-based Compensation Plans (Details    HTML     29K 
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35: R24         Note 4 - Income Taxes (Details Textual)             HTML     31K 
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38: R27         Note 6 - Leases - Balance Sheet Information         HTML     25K 
                (Details)                                                        
39: R28         Note 6 - Leases - Future Minimum Lease Payments     HTML     39K 
                (Details)                                                        
40: R29         Note 6 - Leases - Lease Information (Details)       HTML     18K 
41: R30         Note 7 - Fair Value Measurements (Details Textual)  HTML     31K 
42: R31         Note 7 - Fair Value Measurements - Reconciliation   HTML     22K 
                of Level 3 Activity (Details)                                    
43: R32         Note 8 - Common Stock and Preferred Stock (Details  HTML     34K 
                Textual)                                                         
44: R33         Note 9 - Subsequent Events (Details Textual)        HTML     23K 
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Condensed Consolidated Balance Sheets (Unaudited)

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited)

For the three months ended March 31, 2021 ($ in thousands, except share data)

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited)

For the three months ended March 31, 2020 ($ in thousands, except share data)

See accompanying notes to the unaudited condensed consolidated financial statements.

Cadiz Inc.

Notes to the Consolidated Financial Statements (Unaudited)

ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following discussion contains trend analysis and other forward-looking statements.  Forward-looking statements can be identified by the use of words such as "intends", "anticipates", "believes", "estimates", "projects", "forecasts", "expects", "plans" and "proposes".  Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements.  These include, among others, our ability to maximize value from our land and water resources and our ability to obtain new financings as needed to meet our ongoing working capital needs.  See additional discussion under the heading "Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020.  Our forward-looking statements are made only as of the date hereof.  We assume no duty to update these forward-looking statements to reflect new, changed or unanticipated events or circumstances, other than as may be required by law.

We are a natural resources development company committed to providing sustainable water and agricultural opportunities in California.

We own approximately 45,000 acres of land with high-quality, naturally recharging groundwater resources in three areas of Southern California’s Mojave Desert – the Cadiz Valley (35,000 acres), Danby Dry Lake (2,000 acres), and the Piute Valley (9,000 acres) (“Cadiz Property”). Our properties represent a unique private reserve of lands with vested water rights located in a remote area of eastern San Bernardino County that is at the crossroads of major highway, rail, energy, and water infrastructure that supply and deliver necessary resources to communities in California and across Western States.  Our main objective is to realize the highest and best use of our land, water, and related infrastructure assets in an environmentally responsible way. Our present activities are focused on developing our assets to meet growing long-term demand for access to sustainable water supplies and agricultural products.

California faces systemic water challenges and is not able to ensure that all demands for water are safely and reliably met. We believe that the highest and best use of our assets will be realized by offering a combination of water supply, water storage and agricultural projects at our properties in ways that are sustainable and responsive to California’s resource needs.

We are principally focused on developing a water project at our Cadiz Valley property that can help address California’s persistent systemic water challenges and deliver new water to California communities in need of reliable water supplies and water infrastructure (“Water Project”).  Through management of groundwater at the Cadiz Property, the Water Project would, in its first phase, or Phase 1, conserve and supply new water for approximately 400,000 people in communities in Southern California.  A second phase of the Water Project, or Phase 2, would bank and store imported water for use in future dry years. 

The Water Project has completed extensive permitting and environmental review in accordance with local, state and federal law and is approved to deliver a reliable supply of 50,000 acre-feet of water per year for 50 years to communities off of the Cadiz Property. Prior to construction and implementation, the Water Project must complete contracts with participating water agencies, conveyance arrangements to deliver water supplies to contracting water agencies, and arrange for facility construction, improvements, and financing. 

We anticipate using two separate pipeline routes to convey water between the Cadiz Property and the service areas of our participating agencies.  The first route, or the Southern Pipeline, requires the construction of a 43-mile, approximately 55-85” steel water conveyance pipeline within a portion of the Arizona & California Railroad Company’s railroad right-of-way that crosses the Cadiz Property and intersects with the Colorado River Aqueduct (“CRA”) in Rice, California.  The CRA is owned by the Metropolitan Water District of Southern California (“MWD”) and serves water providers in six southern California counties.  The second route, or the Northern Pipeline, contemplates the use of an existing 220-mile, 30” natural gas pipeline that we optioned and acquired from El Paso Natural Gas (“EPNG”) as a potential facility to convey water to the Cadiz Property for storage or from the Cadiz Property to parties along the route. The Northern Pipeline extends from the Cadiz Property north-west to California’s Central Valley, crossing the Mojave River Pipeline and the Los Angeles Aqueduct before terminating near the California State Water Project in Wheeler Ridge.

In December 2020, the U.S. Bureau of Land Management (“BLM”) granted to our subsidiary Cadiz Real Estate LLC two right-of-way permits that grant us rights to operate the Northern Pipeline and transport water consistently across the route over BLM-managed lands. The first right-of-way was issued pursuant to an assignment of a portion of an existing right-of-way held by EPNG and granted by BLM under the Mineral Leasing Act that enables the continued transportation of natural gas. The second right-of-way was issued under the Federal Land Policy and Management Act and authorizes the conveyance of water in the pipeline over BLM-managed lands.

With these BLM grants, conditions precedent in our Purchase & Sale Agreement with EPNG were principally satisfied allowing for completion of the Company’s acquisition of the remaining 124-mile segment of the Northern Pipeline upon final payment to EPNG of $19 million, which is required to be made no later than June 30, 2021.  We are presently engaged in discussions with parties interested in using the Northern Pipeline for conveyance, storage and supply.  Prior to conveyance of water through the Northern Pipeline, we must secure permits required by any definitive agreement to use the facility.  All conveyance of water via the Northern Pipeline would be conducted in accordance with applicable local, state and federal laws.

We also remain engaged with parties interested in taking deliveries from the Water Project using the Southern Pipeline route and the CRA.  Prior to construction of the Southern Pipeline, we must secure authorizations required to convey water in the CRA, including an agreement with MWD and authorization from the California State Lands Commission under Water Code Sections 1810 - 1815. We expect to pursue these approvals once definitive contracts with water providers are finalized.

Our agricultural operations provide the Company’s principal source of revenue, although our working capital needs are not fully supported by our agricultural lease and farming returns at this time. We believe that the ultimate implementation of the Water Project will provide a significant source of future cash flow for the business and our stockholders. We presently rely upon debt and equity financing to support our working capital needs and development of the Water Project (see “Liquidity and Capital Resources”, below).

Our current and future operations also include activities that further our commitments to sustainable stewardship of our land and water resources, good governance and corporate social responsibility. We believe these commitments are important investments that will assist in maintenance of sustained stockholder value.

Results of Operations

Three Months Ended March 31, 2021, Compared to Three Months Ended March 31, 2020

We have not received significant revenues from our water resource and real estate development activity to date.  Our revenues have been limited to rental income from our agricultural leases (see “Agricultural Development”, above).  As a result, we have historically incurred a net loss from operations.  We incurred a net loss of $5.9 million in the three months ended March 31, 2021, compared to a $20.5 million net loss during the three months ended March 31, 2020.  The higher 2020 loss was primarily due to a loss on early extinguishment of debt in the amount of $12.4 million, which was a non-cash charge, reflecting the excess of the fair value of new preferred stock issued over the historical book value of the related convertible debt retired pursuant to certain conversion and exchange agreements entered into in March 2020.

Our primary expenses are our ongoing overhead costs associated with the development of the Water Project (i.e., general and administrative expense) and our interest expense.  We will continue to incur non-cash expenses in connection with our management and director equity incentive compensation plans.

Revenues  Revenue totaled $139 thousand during the three months ended March 31, 2021, compared to $114 thousand for the three months ended March 31, 2020. Revenues primarily related to rental income from our agricultural leases.

General and Administrative Expenses  General and Administrative Expenses, exclusive of stock-based compensation costs, totaled $3.1 million in the three months ended March 31, 2021, compared to $2.7 million in the three months ended March 31, 2020. 

Compensation costs for stock and option awards for the three months ended March 31, 2021, were $0.1 million, compared to $1.3 million for the three months ended March 31, 2020.  The higher 2020 expense was primarily due to stock-based non-cash bonus awards to employees. 

Depreciation  Depreciation expense totaled $103 thousand during the three months ended March 31, 2021, compared to $79 thousand during the three months ended March 31, 2020. 

Interest Expense, net  Net interest expense totaled $2.5 million during the three months ended March 31, 2021 compared to $3.6 million during the same period in 2020.  The following table summarizes the components of net interest expense for the two periods (in thousands):

The decrease of interest on outstanding debt is primarily due to unrealized gains recorded related to warrant liabilities.    

Income Taxes  Income tax expense was $2 thousand for each of the three months ended March 31, 2021 and 2020, and were related to state income taxes. See Note 4 to the Condensed Consolidated Financial Statements – “Income Taxes”.

Loss from Equity-Method Investments  Loss from equity-method investments related to our 50% ownership in the SoCal Hemp JV LLC totaled $203 thousand for the three months ended March 31, 2021, compared to $626 thousand for the three months ended March 31, 2020. 

Liquidity and Capital Resources

Current Financing Arrangements

As we have not received significant revenues from our development activities to date, we have been required to obtain financing to bridge the gap between the time water resource and other development expenses are incurred and the time that revenue will commence.  Historically, we have addressed these needs primarily through secured debt financing arrangements and private equity placements. 

In July 2020, we entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to $30 million from time to time in an “at-the-market” offering (the “July 2020 ATM Offering”) for further development of our land and agricultural assets, and for working capital purposes. As of March 31, 2021, we issued 2,467,383 shares of common stock in the July 2020 ATM Offering for gross proceeds of $26.4 million and aggregate net proceeds of approximately $25.7 million.  We have and may continue to issue equity securities pursuant to the July 2020 ATM Offering.  

In May 2017, we entered into a new $60 million credit agreement with funds affiliated with Apollo Global Management, LLC (“Apollo”) that replaced and refinanced our then existing $45 million senior secured mortgage debt and provided $15 million of new senior debt to fund immediate construction related expenditures (“Senior Secured Debt”).  We have entered into two further agreements with Apollo which provide us with the right, at our option, to extend the maturity of the Senior Secured Debt from its current maturity of May 25, 2021 to May 25, 2022, and to November 25,  2022, respectively.  We currently intend to exercise our first extension option to extend the maturity date to May 25, 2022.  At March 31, 2021, we were in compliance with our debt covenants. 

Limitations on our liquidity and ability to raise capital may adversely affect us.  Sufficient liquidity is critical to meet our resource development activities.  To the extent additional capital is required, we may increase liquidity through a variety of means, including equity or debt placements, through the lease, sale or other disposition of assets or reductions in operating costs.  If additional capital is required, no assurances can be given as to the availability and terms of any new financing.

As we continue to actively pursue our business strategy, additional financing will continue to be required.  See “Outlook” below.  The covenants in the Senior Secured Debt do not prohibit our use of additional equity financing and allow us to retain 100% of the proceeds of any equity financing.  We do not expect the loan covenants to materially limit our ability to finance our water and agricultural development activities.

Cash Used in Operating Activities.  Cash used in operating activities totaled $2.8 million and $4.4 million for the three months ended March 31, 2021 and 2020, respectively.  The cash was primarily used to fund general and administration expenses related to our water development efforts and agricultural development efforts.

Cash Used in Investing Activities.  Cash used in investing activities totaled $0.7 million for the three months ended March 31, 2021, and $4.7 million for the three months ended March 31, 2020.  The 2020 period included additions to our interests in SoCal Hemp JV LLC, well development and professional water quality and structural testing of a five-mile segment of pipeline.

Cash Provided by Financing Activities.  Cash provided by financing activities totaled $14.9 million for the three months ended March 31, 2021, compared with cash provided of $3.9 million for the three months ended March 31, 2020.  Proceeds from financing activities for both periods reported are related to the issuance of shares under at-the-market offerings.

Outlook 

Short-Term Outlook.  In March 2020, we entered into an agreement that provides us the right, at our option, to extend the contractual May 25, 2021 maturity of our Senior Secured Debt of approximately $80.7 million as of March 31, 2021 until May 25, 2022.  On March 24, 2021, we entered into an additional agreement which provides us the right, at our option, to further extend the maturity date of our Senior Secured Debt to November 25, 2022.  We currently intend to exercise our first extension option to extend the maturity date to May 25, 2022.

Accordingly, we currently have no-near-term debt obligations coming due subject to the exercise of these options, which is entirely in the Company’s control.  However, in order to complete our acquisition of the 124-mile extension of our Northern Pipeline, we have a $19 million final payment due June 30, 2021.  We are seeking, but do not yet have, adequate resources on hand to complete this acquisition. As we require additional working capital to fund operations, we expect to continue our historical practice of structuring our financing arrangements to match the anticipated needs of our development activities (see “Long-Term Outlook”, below).  In July 2020, we entered into an At Market Issuance Sales Agreement under which the Company could issue and sell shares of its common stock having an aggregate offering price of up to $30 million from time to time in an “at-the-market” offering (the “July 2020 ATM Offering”) to provide an alternative to raise capital for the Northern Pipeline acquisition payment, for further development of our land and agricultural assets, and for working capital purposes.  No assurances can be given, however, as to the availability or terms of any new financing.

Long-Term Outlook.  In the longer term, we will need to raise additional capital to finance working capital needs and capital expenditures (see “Current Financing Arrangements”, above).  Our future working capital needs will depend upon the specific measures we pursue in the entitlement and development of our water resources and other developments.  Future capital expenditures will depend on the progress of the Water Project and further expansion of our agricultural assets. 

We are evaluating the amount of cash needed, and the manner in which such cash will be raised, on an ongoing basis.  We may meet any future cash requirements through a variety of means, including equity or debt placements, or through the sale or other disposition of assets.  Equity placements will be undertaken only to the extent necessary, so as to minimize the dilutive effect of any such placements upon our existing stockholders.  No assurances can be given, however, as to the availability or terms of any new financing.  Limitations on our liquidity and ability to raise capital may adversely affect us.  Sufficient liquidity is critical to meet our resource development activities. 

Recent Accounting Pronouncements

See Note 1 to the Condensed Consolidated Financial Statements – “Basis of Presentation”.

ITEM 3.  Quantitative and Qualitative Disclosures about Market Risk

We are a smaller reporting company as defined by Reg. 240.12b-2 of the Securities and Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 4. Controls and Procedures

Disclosure Controls and Procedures

The Company established disclosure controls and procedures to ensure that material information related to the Company, including its consolidated entities, is accumulated and communicated to senior management, including the Chief Executive Officer (the “Principal Executive Officer”) and Chief Financial Officer (the “Principal Financial Officer”) and to its Board of Directors.  Based on their evaluation as of March 31, 2021, the Company's Principal Executive Officer and Principal Financial Officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and such information is accumulated and communicated to management, including the principal executive and principal financial officers as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Controls Over Financial Reporting

In connection with the evaluation required by paragraph (d) of Rule 13a-15 under the Exchange Act, there was no change identified in the Company's internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.           Legal Proceedings

There have been no material changes to the Legal Proceedings described in our Annual Report on Form 10-K for the year ended December 31, 2020.

ITEM 1A.         Risk Factors

There have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2020.

ITEM 2.           Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

ITEM 3.           Defaults Upon Senior Securities

Not applicable.

ITEM 4.           Mine Safety Disclosures

Not applicable.

ITEM 5.           Other Information

Not applicable.

ITEM 6.          Exhibits

The following exhibits are filed or incorporated by reference as part of this Quarterly Report on Form 10-Q.

** 4.1         Amendment No. 2 to Warrant, dated March 24, 2021, by and among Cadiz Inc. and Apollo Special Situation Fund, L.P.

** 10.1       Amendment No. 2 to Credit Agreement, dated March 24, 2021, by and among Cadiz Inc. and Cadiz Real Estate LLC, as borrowers, Apollo Special Situation Fund, L.P., as lender, and Wells Fargo Bank, National Association, as administrative agent        

* 31.1         Certification of Scott S. Slater, Chief Executive Officer of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

* 31.2         Certification of Stanley E. Speer, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

* 32.1         Certification of Scott S. Slater, Chief Executive Officer of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

* 32.2         Certification of Stanley E. Speer, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

* 101.INS         Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

* 101.SCH       Inline XBRL Taxonomy Extension Schema Document

* 101.CAL       Inline XBRL Taxonomy Extension Calculation Linkbase Document

* 101.DEF       Inline XBRL Extension Definition Linkbase Document

* 101.LAB        Inline XBRL Taxonomy Extension Label Linkbase Document

* 101.PRE       Inline XBRL Taxonomy Extension Presentation Linkbase Document

104             Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

__________________________

*      Filed concurrently herewith.

**     Previously filed.

SIGNATURE

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.

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
		12/15/23
		11/25/22
		5/25/22
		12/31/21		10-K
		12/15/21		4
		6/30/21		10-Q,  4,  4/A,  FWP
		5/25/21
Filed on:		5/17/21
		5/14/21
		5/10/21
For Period end:		3/31/21
		3/24/21		3,  8-K
		1/1/21
		12/31/20		10-K
		12/15/20
		12/14/20
		3/31/20		10-Q
		12/31/19		10-K
		12/31/17		10-K,  10-K/A,  5
				List all Filings

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9 Subsequent Filings that Reference this Filing

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/02/24 Cadiz Inc. 424B5 1:352K EdgarAgents LLC/FA 2/01/23 Cadiz Inc. 424B5 1:388K EdgarAgents LLC/FA 11/10/22 Cadiz Inc. 424B5 1:360K EdgarAgents LLC/FA 3/22/22 Cadiz Inc. 424B5 1:395K EdgarAgents LLC/FA 7/07/21 Cadiz Inc. 424B5 1:562K EdgarAgents LLC/FA 7/01/21 Cadiz Inc. 424B5 1:697K EdgarAgents LLC/FA 6/28/21 Cadiz Inc. 424B5 1:700K EdgarAgents LLC/FA 6/17/21 Cadiz Inc. S-3 5:981K EdgarAgents LLC/FA 6/04/21 Cadiz Inc. 424B5 1:269K EdgarAgents LLC/FA

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1 Previous Filing that this Filing References

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/26/21 Cadiz Inc. 10-K 12/31/20 77:5.9M RDG Filings/FA

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Filing Submission 0001437749-21-012533   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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