Company: MSEX
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047381
Chunk: 10

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: 424B5
Chunk 10
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-bearing instruments.
These investments may not yield a favorable return, or any return, to us or our stockholders.

This offering and future issuances of our common stock could be dilutive to our earnings per share.

The issuance and sale by us of any shares of our
common stock in this offering, the receipt of the net proceeds therefrom and the use of those net proceeds could have a dilutive effect
on our earnings per share. Additional issuances of our common stock could also be dilutive to our earnings per share. The issuance or
sale by us of our common stock, including the sale by us of shares in this offering, could also adversely affect the trading price of
our common stock and our ability to raise capital through future offerings of equity or equity-related securities. In addition, if we
are unable to apply any net proceeds we may receive from this offering or from other issuances or sales of our common stock to make investments
that generate sufficient revenues to offset the dilutive impact of the issuance by us of shares of our common stock in this offering or
from any other such issuances of our common stock, there will be further dilution of our earnings per share.

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The common stock offered hereby will be sold in “at the market offerings,” and investors who buy shares at different times will likely pay different prices.

Investors who purchase shares in this offering
at different times will likely pay different prices, and so may experience different outcomes in their investment results. We will have
discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold, and there is no minimum or maximum sales
price. Investors may experience a decline in the value of their shares as a result of share sales made at prices lower than the prices
they paid.

The actual number of shares of common stock we will issue under the sales agreement, at any one time or in total, is uncertain.

Subject to certain limitations in the ATM Equity
Offering Sales Agreement and compliance with applicable law, we have the discretion to deliver a sales notice to the Agents at any time
throughout the term of the ATM Equity Offering Sales Agreement. The number of shares that are sold by the Agents after delivering a sales
notice will fluctuate based on the market price of the shares of common stock during the sales period and limits we set with the Agents.
Because the price per share of each share sold will fluctuate based on the market price of our common stock during