Norton Rose Fulbright advises Cadiz on US$21 million registered direct offering

Global law firm Norton Rose Fulbright represented Cadiz Inc., a water solutions and natural resources company, in connection with its US$21 million registered direct offering of five million shares of common stock at US$4.20 per share. The transaction is expected to close on or about October 30, 2026, subject to the satisfaction of customary closing conditions.

Cadiz intends to use the net proceeds for general corporate purposes, including corporate overhead, working capital and expenses related to the development and construction of its Mojave Groundwater Bank, the largest proposed supply and storage solution for the Southwest water crisis. As proposed, the project would include 2.5 million acre-feet of new water supply, approximately 30 million acre-feet of water currently in storage, 1 million acre-feet of new storage capacity and more than 300 miles of pipelines connecting to California's water transportation network.

Norton Rose Fulbright has previously advised Cadiz in connection with the Mojave Groundwater Bank.

"This financing represents another important step for Cadiz as it continues to advance its water infrastructure strategy across the Southwest," said Kevin Friedmann, who led Norton Rose Fulbright's representation. "The additional capital will help support a project designed to strengthen water supply and storage infrastructure across the region."

Norton Rose Fulbright's deal team was led by Kevin Friedmann (Chicago) and included Siyuan An (Los Angeles) and Andrew Clawson (Chicago).

The firm's global corporate, M&A and securities lawyers advise corporations, investors and financial institutions on some of the most high-profile, complex and significant transactions in the market, including public takeovers, private M&A, joint ventures, disposals, debt and equity capital markets, governance, general commercial and corporate advisory matters. With lawyers in key financial centers around the world, the team regularly guides clients through sophisticated deals across multiple jurisdictions and industry sectors.