On December 4, 2020 Cadiz Inc. (“Cadiz” or the “Company”) entered into a Second Amendment to its existing Purchase and Sale Agreement (the “Agreement”) dated December 31, 2018 with El Paso Natural Gas Company (“EPNG”). As amended, the Agreement extends the period within which the Company must fund the acquisition of the pipeline segment contemplated by the Agreement for up to 180 days, through June 30, 2021. In consideration of the Agreement, the Company made a payment of $1 million to EPNG with the balance of the purchase price of $19 million payable at closing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

*filed herewith

CADIZ INC Exhibit
EX-10.1 2 exh10-1.htm EXHIBIT 10.1 SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT EXHIBIT 10.1 SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT between EL PASO NATURAL GAS COMPANY,…
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About Cadiz Inc. (NASDAQ:CDZI)

Cadiz Inc. is a land and water resource development company with approximately 45,000 acres of land in three areas of eastern San Bernardino County, California. The Company’s primary business is to acquire and develop land with water resources for various uses, including groundwater supply, groundwater storage and agriculture. It is focused on the development of the Cadiz Valley Water Conservation, Recovery and Storage Project, which captures and conserves millions of acre-feet of native groundwater being lost to evaporation from the aquifer system beneath its approximately 34,000-acre property in the Cadiz and Fenner valleys of eastern San Bernardino County and deliver it to water providers throughout Southern California. In addition to the Cadiz/Fenner Valley property, it also owns approximately 11,000 additional acres in the eastern Mojave Desert portion of San Bernardino County, California at two separate properties. It owns over 2,000 acres near Danby Dry Lake in Ward Valley.