Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 29

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 29
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Our non-regulated subsidiaries, namely USA-PA,
USA and White Marsh, do not own utility plant property.

ITEM 3.LEGAL PROCEEDINGS. 

In September 2021, the NJDEP issued a Notice to
Middlesex based on self-reporting by Middlesex that the level of Perfluorooctanoic Acid (PFOA) in water treated at its Park Avenue Plant
in New Jersey exceeded a recently promulgated NJDEP standard effective in 2021. Neither the NJDEP nor Middlesex characterized this exceedance
as an acute health emergency. However, Middlesex was required to notify its affected customers and the Company 

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complied in due course.
Water currently being delivered to customers is in compliance with all USEPA and NJDEP drinking water standards,
including the newly established water quality standard for PFOA. 

In 2021, the Company was served with two PFOA-related
class action lawsuits seeking restitution for medical, water filter replacement and other claimed related costs. On August 30, 2024, the
parties to the Vera et al. v. Middlesex Water Company and Lonsk et al v. Middlesex Water Company litigations entered into
a signed Settlement Term Sheet (Term Sheet) in a step towards resolution of both matters. The parties are in the process of memorializing
the settlement into a Settlement Agreement that is expected to be completed by the parties in the first quarter of 2025. The Company does
not believe that the Term Sheet and the anticipated Settlement Agreement, once executed, will have any material financial or operational
impact to Middlesex.

The Company is a defendant in other lawsuits in
the normal course of business. We believe the resolution of these pending claims and legal proceedings will not have a material adverse
effect on the Company’s consolidated financial statements.

ITEM 4.MINE SAFETY DISCLOSURES.

Not applicable.

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PART II

ITEM 5.MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

The Company’s common stock is traded on
the NASDAQ Stock Market, LLC, under the symbol MSEX. As of December 31, 2024, there were 1,631 holders of record.

The Company has paid dividends on its common stock
each year since 1912. The payment of future dividends is contingent upon the future