B. Riley Securities, a middle market investment bank and subsidiary of B. Riley Financial, acted as the sole placement agent to Cadiz, a California water solutions company, in the $23 million direct offering of its common stock. Cadiz plans to use the net proceeds from the offering to advance the development of its water supply and groundwater banking project, including purchasing equipment and materials needed for the construction of facilities related to its northern and /or southern pipeline project, expected to begin in 2025.
“As longstanding partners, we are proud to advise and support Cadiz at such a critical point of inflection for unlocking access to this unique asset,” Bryant Riley, co-CEO of B. Riley Financial, said.
“This important transaction will allow us to make additional investments aimed at delivering access to safe, reliable and affordable water to everyone who needs it,” Susan Kennedy, chairman and CEO of Cadiz, said. “We are grateful to B. Riley for their unwavering support and timely execution during this transaction, and throughout the duration of our relationship.”
The B. Riley investment banking team was led by Jon Merriman and Brian Taylor and included Connor Boyle. Our capital markets team was led by Jimmy Baker and Ryan Aceto and included Dawn Farrell, Kathy Innis, Samuel Cook and Forbes Aggabao.
