Company: MSEX
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047381
Chunk: 9

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: 424B5
Chunk 9
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MSEX”                                                                                                                                                                                                                                                                                                                                                                                        |
| The                                                                                                                                     
 number of shares of Common Stock that will be outstanding after this offering is based on 17,920,178 shares outstanding as of April 29, 
 2025 and excludes the shares of Common Stock reserved for issuance upon the conversion of our preferred stock.                          |     |                                                                                                                                                                                                                                                                                                                                                                                               |

<div align='center'>S-4

RISK FACTORS</div>

Investing in our Common Stock involves a high degree of risk. Before making an investment decision, you should carefully consider the specific factors discussed below, together with all the other information contained in this prospectus supplement, the accompanying prospectus, any free writing prospectus prepared by us or on our behalf we may provide to you in connection with this offering and the documents incorporated and deemed to be incorporated by reference herein and therein. For a further discussion of the risks, uncertainties and assumptions relating to our business, please see the discussion under the caption “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024, as updated by any other reports and documents we file with the SEC that are incorporated by reference in this prospectus supplement and the accompanying prospectus. The risks described below are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem immaterial may also impair our business operations. Any of these risks may have a material adverse effect on our business, financial condition, results of operations and cash flows. In such a case, you may lose all or part of your investment in the shares of Middlesex Common Stock. In addition, you should consult your own financial and legal advisors before making an investment.

<div align='center'>Risks Related to the Offering and Our Common Stock</div>

We will have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

We currently intend to use the net proceeds of this offeringto fund our capital expenditures, to purchase and maintain plant equipment,
as well as other general corporate purposes. Our management will have broad discretion in the use and allocation of net proceeds from
the sale of any securities sold by us and investors will be relying on the judgment of our management regarding the application of the
proceeds of this offering. The failure by our management to apply these funds effectively could harm our business, financial condition
and results of operations. Pending their use, we may invest the net proceeds from this offering in short-term, interest