# EDGAR Filing Document

**Accession Number:** 0000727273
**File Stem:** 0001437749-25-020294
**Filing Date:** 2025-6
**Character Count:** 14416
**Document Hash:** fea8cb9a4426f0b0de7c382ae837a740
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-020294.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001437749-25-020294

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CADIZ INC
- **CENTRAL INDEX KEY:** 0000727273
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER SUPPLY [4941]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 770313235
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288016
- **FILM NUMBER:** 251045741

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SOUTH HOPE STREET
- **STREET 2:** SUITE 2850
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071
- **BUSINESS PHONE:** 213-271-1600

**MAIL ADDRESS:**
- **STREET 1:** 550 SOUTH HOPE STREET
- **STREET 2:** SUITE 2850
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CADIZ LAND CO INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC AGRICULTURAL HOLDINGS INC
- **DATE OF NAME CHANGE:** 19920602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARIDTECH INC
- **DATE OF NAME CHANGE:** 19880523

**As filed with the Securities and Exchange Commission on June 13, 2025**

**Registration No. 333-_______**

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**__________________________**

**FORM S**-**8**

**REGISTRATION STATEMENT**

**Under**

**THE SECURITIES ACT OF 1933**

**__________________________**

**CADIZ INC.**

**(Exact name of registrant as specified in its charter)**

**__________________________**

---

| | |
|:---|:---|
| **Delaware** | **77-0313235** |
| **(State or other jurisdiction of** | **(IRS Employer** |
| **incorporation or organization)** | **Identification No.)** |

---

**550 S. Hope Street, Suite 2850**

**Los Angeles, California 90071**

**(Address of principal executive offices)**

**__________________________**

**Cadiz Inc. 2019 Equity Incentive Plan**

**(Full title of the plans)**

**__________________________**

**SUSAN P. KENNEDY**

**Chief Executive Officer**

**Cadiz Inc.**

**550 S. Hope Street, Suite 2850**

**Los Angeles, California 90071**

**(Name and address of agent for service)**

&nbsp;&nbsp;&nbsp;&nbsp;**(213) 271-1600**

**(Telephone number, including area code, of agent for service)**

**__________________________**

**Copies of communications to:**

**HOWARD J. UNTERBERGER, ESQ.**

**Law Office of Howard J. Unterberger**

**3337 Keeshen Drive**

**Los Angeles, California 90066**

&nbsp;&nbsp;&nbsp;&nbsp;**(310) 740**-**7183**

**__________________________**

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☑ Smaller reporting company ☑ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE**

**REGISTRATION OF ADDITIONAL SHARES**

**INCORPORATION OF DOCUMENTS BY REFERENCE**

This Registration Statement is being filed by Cadiz Inc. (the "Registrant") for the purpose of registering an additional 2,000,000 shares of common stock, $0.01 par value per share (the "Common Stock") that are issuable under the Cadiz Inc. 2019 Equity Incentive Plan (as amended, the "Plan"). These additional shares of Common Stock are securities of the same class and relate to the same stock incentive plan as those shares of Common Stock registered on the Registrant's Registration Statements on Form S-8 filed with the Securities and Exchange Commission (the "Commission") on August 30, 2019 (File No. 333-233582), August 3, 2022 (File No. 333-266504), and June 12, 2024 (File No. 280136). Pursuant to General Instruction E to Form S-8, this Registration Statement hereby incorporates by reference the contents of the Registration Statements referenced above.

------

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 8. Exhibits.**

The following documents are filed or incorporated by reference as part of this Registration Statement:

4.1 [Specimen form of stock certificate (previously filed as an exhibit to Registrant's quarterly report on Form 10-Q for the quarter ended September 30, 1998 filed on November 13, 1998 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/727273/0000727273-99-000002.txt)

4.2 [Cadiz Inc. Certificate of Incorporation, as amended (previously filed as an exhibit to Registrant's annual report on Form 10-K for the year ended December 31, 2024 filed on March 28, 2025 and incorporated herein by reference)](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000727273/000143774924026172/cdzi20240630_10q.htm)

4.3 [Cadiz Inc. Bylaws, as amended (previously filed as an exhibit to Registrant's annual report on Form 10-K for the year ended December 31, 2024 filed on March 28, 2025 and incorporated herein by reference)](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000727273/000143774922020254/cdzi20220630_10q.htm)

5.1 [Opinion of Legal Counsel](ex_830671.htm)

23.1 [Consent of Independent Registered Public Accounting Firm](ex_830672.htm)

23.2 [Consent of Legal Counsel (included in the opinion filed as Exhibit 5.1)](ex_830671.htm)

24.1 [Power of Attorney (included on signature page)](#Signatures)

99.1 [2019 Cadiz Inc. Equity Incentive Plan, as amended (previously filed as Annex A to the Registrant's definitive Proxy Statement (file number 001-40579) filed with the Commission on April 25, 2025 and incorporated herein by reference).](http://www.sec.gov/ix?doc=/Archives/edgar/data/0000727273/000143774925013117/cdzi20250420_def14a.htm)

107.1 [Filing Fee Table](ex_830673.htm)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on the 13th day of June 2025.

---

| | |
|:---|:---|
| **CADIZ INC.** | **CADIZ INC.** |
| By: | <u>/s/ Susan P. Kennedy</u> |
|  | Susan P. Kennedy |
|  | Chief Executive Officer |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints Susan P. Kennedy and Stanley Speer, and each of them, his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>SIGNATURE</u>** | **<u>TITLE</u>** | **<u>DATE</u>** |
| <br> <u>/s/ Susan P. Kennedy</u><br> Susan P. Kennedy<br>| <br> Chair and Chief Executive Officer<br> (Principal Executive Officer) | <br> June 13, 2025 |
| <u>/s/ Stanley Speer</u><br> Stanley Speer | Chief Financial Officer<br> (Principal Financial and<br> Accounting Officer)<br>| June 13, 2025 |
| <u>/s/ Stephen E. Courter</u><br> Stephen E. Courter<br>| Director | June 13, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>\*</u> <br> Maria Dreyfus<br>| Director | June 13, 2025 |
| <u>/s/ Maria Echaveste</u><br> Maria Echaveste<br>| Director | June 13, 2025 |
| <u>/s/ Winston H. Hickox</u><br> Winston H. Hickox<br>| Director | June 13, 2025 |
| <u>/s//Barbara Lloyd</u><br> Barbara Lloyd<br>| Director | June 13, 2025 |
| <u>/s/ Kenneth T. Lombard</u><br> Kenneth T. Lombard<br>| Director | June 13, 2025 |
| <u>/s/ Richard Polanco</u><br> Richard Polanco | Director | June 13, 2025 |

---

## Exhibit 5.1

**EXHIBIT 5.1**

June 13, 2025

Cadiz Inc. 550 South Hope Street Suite 2850 Los Angeles, CA 90071

Re: <u>Securities Registered under Registration Statement on Form S-8</u>

Ladies and Gentlemen:

You have requested our opinion, as set forth below, in connection with the Registration Statement on Form S-8 filed with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended, by Cadiz Inc., a Delaware corporation (the "Company") as to which this opinion is being filed as an exhibit (the "Registration Statement"). The Registration Statement relates to the registration of 2,000,000 shares of common stock of the Company, par value $0.01 per share (the "Shares"), issuable from time to time pursuant to the Cadiz Inc. 2019 Equity Incentive Plan (as amended, the "Plan").

In connection with the preparation of this opinion, we have examined such documents and considered such questions of law as we have deemed necessary or appropriate. We have assumed the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies thereof and the genuineness of all signatures. As to questions of fact material to our opinion, we have relied upon the certificates of certain officers of the Company.

We are opining herein as to the effect on the subject transaction only of the General Corporation Law of the State of Delaware, including statutory provisions and all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting those laws, and we express no opinion with respect to the applicability thereto, or the effect thereon, of any other laws, rules or regulations.

Subject to the foregoing, it is our opinion that, as of the date of effectiveness of the Registration Statement, the Shares have been duly authorized by all necessary corporate action of the Company, and upon issuance thereof in conformity with the terms of the Plan and in accordance with the Registration Statement, will be validly issued, fully paid and nonassessable.

We consent to the use of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission.

Very truly yours,<br><u>/s/ Howard J. Unterberger</u><br> Law Office of Howard J. Unterberger<br>

## Exhibit 23.1

**EXHIBIT 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Cadiz Inc. of our report dated March 28, 2025 relating to the financial statements, which appears in Cadiz Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024.

/s/ PricewaterhouseCoopers LLP<br> Los Angeles, California<br> June 13, 2025

## Ex-Filing

**Exhibit 107.1**

**Calculation of Filing Fee Tables** 

**Form S-8** 

(Form Type)

**Cadiz Inc.** 

(Exact Name of Registrant as Specified in its Charter)

**Table 1**—**Newly Registered Securities** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Amount**<br> **to be**<br> **Registered <sup>(1)</sup>** | **Proposed**<br> **Maximum**<br> **Offering**<br> **Price Per**<br> **Unit** | **Maximum Aggregate**<br> **Offering**<br> **Price** | **Fee Rate** | **Amount of**<br> **Registration**<br> **Fee** |
| <br> Equity<br>| <br> Common Stock, $0.01 par value per share | <br> Rule 457(c) and Rule 457(h)<br>2000000 <sup>(2)</sup><br>$3.04 <sup>(3)</sup> |  |  | <br> $6080000 | <br> $153.10 per $1,000,000 | $930.85  |
| <br> **Total Offering Amounts** | <br> **Total Offering Amounts** | <br> **Total Offering Amounts** | <br> **Total Offering Amounts** |  | $6080000 |  | $930.85 |
| <br> **Total Fee Offsets <sup>(4)</sup>** | <br> **Total Fee Offsets <sup>(4)</sup>** | <br> **Total Fee Offsets <sup>(4)</sup>** | <br> **Total Fee Offsets <sup>(4)</sup>** |  |  |  | $0.00  |
| <br> **Net Fee Due** | <br> **Net Fee Due** | <br> **Net Fee Due** | <br> **Net Fee Due** |  |  |  | $930.85 |

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________________________________________

<sup>(1)</sup> In accordance with Rule 416 under the Securities Act of 1933, as amended, this registration statement shall be deemed to cover any additional securities that may from time to time be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.

<sup>(2)</sup> Consists of an additional 2,000,000 shares of Common Stock issuable under the Cadiz Inc. 2019 Equity Incentive Plan (as amended, the "2019 Plan") pursuant to the terms of the 2019 Plan.

<sup>(3)</sup> Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as amended, and based upon the average of the high and low prices of Cadiz Inc.'s (the "Registrant") Common Stock on June 10, 2025, as reported on The Nasdaq Global Market.

<sup>(4)</sup> The Registrant does not have any fee offsets.