Why Cadiz, Inc. Stock Just Jumped 33%
Four days ago, California's state Senate set aside Assembly bill AB 1000; the bill, had it been enacted, would have blocked Cadiz, Inc.'s (NASDAQ: CDZI) Cadiz Water Project, designed to conserve groundwater in the state. Today, investors got their first chance to react to the news, and bid up Cadiz stock 33% (as of 2:35 p.m. EDT) in response.
Cadiz hailed the move, saying that by killing the bill, California will allow the conservation project to move forward and "safely and sustainably conserve groundwater presently lost to evaporation and add a new, reliable water supply in Southern California," solving the region's perennial drought problem.
This conservation project was the primary focus of Cadiz's latest 10-Q filing with the Securities and Exchange Commission, in which the company explained the project aims:
Source: Fool.com
