Company: MSEX
Filing Date: 2025-05-12
Form Type: S-3ASR
Source: 0001104659-25-047075
Chunk: 10

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-12
Form: S-3ASR
Chunk 10
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, to purchase and maintain plant equipment, as well as for 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.

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<div align='center'>DESCRIPTION OF OUR CAPITAL STOCK</div>

General

The following description
of certain terms of our capital stock does not purport to be complete and is subject to, and qualified in its entirety by reference to,
our restated certificate of incorporation, as amended, our by-laws as amended, and the applicable provisions of the New Jersey Business
Corporation Act. Our restated certificate of incorporation, as amended, and a copy of our by-laws, as amended, are incorporated by reference
as exhibits to the registration statement of which this prospectus forms a part. We encourage you to read our restated certificate of
incorporation, as amended, and our by-laws, as amended, in their entirety.

As of April 30, 2025,
our authorized capital stock consists of 40,000,000 shares of Common Stock, no par value; 120,357 shares of Preferred Stock, no par value;
and 100,000 shares of Preference Stock, no par value. As of April 29, 2025, 17,920,178 shares of Common Stock were outstanding. As
of April 30, 2025, 15,779 shares of Preferred Stock and no shares of the Preference Stock were outstanding.

The authorized Preferred Stock
is comprised of three designated series: “$7 Series Cumulative Preferred Stock”, “$4.75 Series Cumulative
Preferred Stock” and “$7 Cumulative and Convertible Preferred Stock”, and undesignated shares. The Board of Directors
is authorized to determine and designate the rights, preferences and privileges of the remaining undesignated Preferred Stock and the
100,000 shares of Preference Stock from time to time.

Dividend Rights

Holders of outstanding shares
of Preferred Stock have a preferred right to payment of cash dividends, before payment of dividends on Common Stock, at the following
per annum rates: $7 Series Cumulative Preferred Stock at the rate of $7.00 per share, $4.75 Series Cumulative Preferred Stock
at the rate of $4.75 per share and $7 Cumulative and Convertible Preferred Stock at the rate of $7.00 per share. Dividend preferences
among all these series are pari passu with one another