Company: MSEX
Filing Date: 2025-07-29
Form Type: 424B5
Source: 0001104659-25-071727
Chunk: 49

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-29
Form: 424B5
Chunk 49
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 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 were 4,995 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 shares of this series
in any calendar year at a price equal to the fair value of three shares of Common Stock for each share of this series redeemed.

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Preference Stock

No shares of authorized Preference
Stock are issued and outstanding. The Board of Directors has the power to designate authorized Preference Stock in one more series, and
to designate for each series the rights, preferences and conditions of each series as to matters such as dividend rates, liquidation
preference voting rights, conversion and redemption.

Common Stock

There were 40,000,000 shares
of Common Stock authorized, and 17,920,178 shares of Common Stock issued and outstanding, as of April 29, 2025.

The prospectus supplement
relating to any Common Stock being offered will include specific terms relating to the offering.

Restriction on Acquisitions

As a New Jersey corporation,
we are a subject to New Jersey’s Shareholder Protection Act (the “Shareholder Protection Act”). The Shareholder Protection
Act bars any “business combination” as defined in that Act (generally, a