Cadiz shares plunge as company reconfigures water transfer plan
It’s been a rough and perplexing six weeks for shareholders of downtown-based water infrastructure development company Cadiz Inc. Shares have plunged nearly 50% since Labor Day weekend from a trading range of about $13 to a new, lower range of about $7. And while that’s been jolting for investors, it has also been a bit of a mystery. Cadiz executives had been busy reconfiguring the company’s decades-old plan to transfer water from its Mojave Desert aquifer to water agencies throughout Southern California.