Company: MSEX
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047381
Chunk: 32

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: 424B5
Chunk 32
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 two members to the
Board of Directors, in addition to the members elected by the holders of the Common Stock and any elected by the holders of the Preferred
Stock.

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Liquidation Rights

Holders of Common Stock are
entitled to share on a pro rata basis, subject to the preferred rights of holders of Preferred Stock and Preference Stock (as outlined
below), in the assets of the Company legally available for distribution to shareholders in the event of the Company’s liquidation,
dissolution or winding up.

Preferred Stock

As of April 30, 2025,
our restated certificate of incorporation, as amended, authorized the issuance of 120,357 shares of Preferred Stock of which 15,779 shares
were outstanding as of April 30, 2025, in several series as described below.

$7 Series Cumulative Preferred Stock.

There were 784 shares of this
series issued and outstanding at April 30, 2025. The holders of shares in this series have a liquidation preference in the amount
of $100 per share. Shares of this series may not be converted into shares of any other class or series, and are not subject to redemption.

$4.75 Series Cumulative Preferred Stock

There were 10,000 shares of this series issued and outstanding at April 30, 2025.The holders of shares in this series have a liquidation
preference in the amount of the redemption price for such shares in effect at the time in the event of a voluntary liquidation, and $100
per share plus accumulated and unpaid dividends thereon in the event of an involuntary liquidation. The Company may redeem shares of this
series in any calendar year at a price of $100 per share plus accumulated and unpaid dividends thereon. Shares of this series may not
be converted into shares of any other class or series.

$7 Cumulative and Convertible Preferred Stock.

There were4,995 shares of this series issued and outstanding at April 30, 2025. The shares have a liquidation preference in the
amount of the redemption price for such shares in effect at the time in the event of a voluntary liquidation, and $100 per share in the
event of an involuntary liquidation plus accrued and unpaid dividends. Each share is convertible into Common Stock at the option of the
holder at a conversion rate of 12 shares of Common Stock for each share of this series converted. The Company may redeem up to 10% of
the outstanding