Central Arizona District Secures 10,000 AFY Water Supply from Cadiz Mojave Groundwater Bank
CDZI sits 42% above its 52-week low of $2.89 on light trading volume (0.2× avg).
Summary
Cadiz Inc. has secured a significant 50-year agreement to supply up to 10,000 acre-feet per year of water from its Mojave Groundwater Bank to the Central Arizona Irrigation and Drainage District. This deal, priced at $850 per AFY plus additional charges, marks the first water supply agreement from the Mojave Groundwater Bank with an Arizona district. This represents a material step forward for Cadiz, providing a crucial new revenue stream and market expansion, especially in light of the company's recent Q1 revenue decline and net losses.
At the time of this announcement, CDZI was trading at $4.10 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $344.8M. The 52-week trading range was $2.89 to $6.96. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.