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B. Riley Securities Serves as Sole Placement Agent to Cadiz, Inc. in $23 Million Registered Direct Offering

LOS ANGELES, November 5, 2024 -- B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have acted as the sole placement agent to Cadiz, Inc. (NASDAQ: CDZI/CDZIP) in the $23 million registered direct offering of their common stock.

Cadiz, Inc., an innovative California water solutions company, plans to use the net proceeds from the Offering to advance the development of its water supply and groundwater banking project including purchasing equipment and materials needed for the construction of facilities related to its northern and /or southern pipeline project, expected to begin in 2025.

"As longstanding partners, we are proud to advise and support Cadiz at such a critical point of inflection for unlocking access to this unique asset," said Bryant Riley, Co-Chief Executive officer, B. Riley Financial.

Susan Kennedy, Cadiz, Inc.'s Chairman and CEO, adds, "This important transaction will allow us to make additional investments aimed at delivering access to safe, reliable, and affordable water to everyone who needs it. We are grateful to B. Riley for their unwavering support and timely execution during this transaction, and throughout the duration of our relationship."

The B. Riley investment banking team was led by Jon Merriman and Brian Taylor and included Connor Boyle. Our capital markets team was led by Jimmy Baker and Ryan Aceto and included Dawn Farrell, Kathy Innis, Samuel Cook and Forbes Aggabao. Read more about the transaction here.

About B. Riley Securities
B. Riley has served as a preeminent fixture in middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, debt financings, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. Please see disclosures about B. Riley Securities Research here. The firm is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.

In addition to B. Riley Securities, B. Riley Financial operates through several wholly owned subsidiaries, including: B. Riley Capital Management, an SEC-registered investment adviser, which provides advisory services to private funds; B. Riley Wealth Management, a FINRA-registered broker-dealer and member SIPC, which offers securities and variable insurance products; B. Riley Wealth Advisors, an SEC-registered investment adviser, which provides fee-based asset management and advisory services; B. Riley Wealth Portfolio Advisers, an SEC-registered investment adviser, which provides advisory and sub-advisory services, some through separately managed accounts using model portfolio; B. Riley Wealth Private Shares, an SEC-registered investment adviser, which provides advisory services to private funds; and B. Riley Principal Investments which makes proprietary investments in other businesses.

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