LOS ANGELES – Feb. 06, 2023 – 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.
About Greenberg Traurig’s Corporate Practice: Greenberg Traurig’s Corporate Practice comprises more than 550 lawyers in the United States, Europe, Asia, the Middle East and Latin America who regularly advise public and privately held companies, entrepreneurs and investment funds on global mergers and acquisitions, corporate restructurings, private equity and venture capital, underwritten and syndicated offerings, commercial finance and syndicated lending, cross-border transactions, and general corporate matters. The group’s industry experience includes transactions in a wide range of fields, from the pharmaceutical, medical devices, and life sciences fields, to representations involving clients in the aviation, banking, consumer products, energy, food and beverage, health care, manufacturing, media, technology, and telecommunications sectors.
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