<SEC-DOCUMENT>0001213900-20-009005.txt : 20200413
<SEC-HEADER>0001213900-20-009005.hdr.sgml : 20200413
<ACCEPTANCE-DATETIME>20200410173425
ACCESSION NUMBER:		0001213900-20-009005
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200413
DATE AS OF CHANGE:		20200410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-237352
		FILM NUMBER:		20787557

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>ea120580-s3a1_cadizinc.htm
<DESCRIPTION>AMENDMENT NO. 1 FORM S-3
<TEXT>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>As filed with the Securities and Exchange
Commission on April 10, 2020</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"> <B>Registration No.&nbsp;333- 237352</B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C.&nbsp;&nbsp;20549</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B>AMENDMENT NO.
1</B> </P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <B>TO</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
S-3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>UNDER</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>THE
SECURITIES ACT OF 1933</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Cadiz
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>77-0313235</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of<BR>
 incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer<BR>
 Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>550
South Hope Street</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Suite
2850</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Los
Angeles, California&nbsp;90071</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(213)
271-1600</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code, and telephone number,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">including
area code, of registrant&rsquo;s principal executive offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Timothy
J. Shaheen</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
Financial Officer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>550
South Hope Street</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Suite
2850</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Los
Angeles, California&nbsp;90071</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(213)
271-1600</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
address, including zip code, and telephone number,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">including
area code, of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Copies
of communications to:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kevin
Friedmann, Esq.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Greenberg
Traurig, LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1840
Century Park East</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Suite
1900</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Los
Angeles, California 90067</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(310)
586-7747</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
date of commencement of proposed sale to the public:&nbsp;&nbsp;</B>From time to time after the effective date of this Registration
Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box.&nbsp; &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans,
check the following box.&nbsp; <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering.&nbsp; &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;
&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a registration statement pursuant to General Instruction I.D.&nbsp;or a post-effective amendment thereto that shall
become effective upon filing with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;
&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D.&nbsp;filed to register
additional securities or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following
box.&nbsp; &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;&nbsp;See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated
filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange
Act.&nbsp;&nbsp;(Check one):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 3%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 53%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.&nbsp;
&#9744;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until
the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become
effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>Information
in this prospectus is not complete and may be changed.&nbsp;&nbsp;These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective.&nbsp;&nbsp;This prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATED
APRIL 10, 2020, SUBJECT TO COMPLETION</FONT> </P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>PROSPECTUS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CADIZ
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="img_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10,000
Shares of Series 1 Preferred Stock, </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7,662,638
Shares of Common Stock </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>_____________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling securityholders identified
in this prospectus may offer from time to time up to 10,000 shares of Series 1 Preferred Stock, or the &ldquo;Preferred Shares,&rdquo;
up to 4,050,500 shares of our common stock issuable upon conversion of the Preferred Shares, or the &ldquo;Preferred Conversion
Shares,&rdquo; 2,589,674 shares of our common stock, or the &ldquo;Note Conversion Shares,&rdquo; issued upon conversion of a
portion of our 7.00% Convertible Senior Notes due 2020, or the &ldquo;2020 Notes&rdquo; and 1,022,464 additional shares of our
common stock held by the selling securityholders, or the &ldquo;Additional Common Shares.&rdquo;&nbsp;We are contractually
obligated to register the Preferred Shares, the Preferred Conversion Shares, the Note Conversion Shares and the Additional Common
Shares, which the selling securityholders may resell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Preferred Share is convertible at any time at the option of the holder into 405.05 shares of our common stock, subject to adjustment
and subject to beneficial ownership limitations. On March 5, 2025, each outstanding Preferred Share will automatically convert
into shares of our common stock, subject to beneficial ownership limitations. Prior to March 5, 2025, each Preferred Share will
be entitled to 301.98 votes (subject to adjustment) on all matters on which stockholders are generally entitled to vote (subject
to such holder&rsquo;s beneficial ownership limitation). After March 5, 2025, the Preferred Shares will have no voting rights,
except as required by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to March 5, 2025, subject to exceptions, if we liquidate,
dissolve or wind up, each Preferred Share will be entitled (1) to receive $2,734.09 per share (subject to adjustment) before any
payment may be made to holders of our common stock or any outstanding series of our preferred stock junior in liquidation preference
to the Preferred Shares and (2) to participate pro rata on an as-converted into common stock basis with all of our common stock
in the distribution of any remaining proceeds from the liquidation, dissolution or winding up. After March 5, 2025, Preferred Shares
will not receive any preference and will only be entitled to participate pro rata on an as-converted into common stock basis with
all of our common stock in the distribution of any remaining proceeds. Prior to March 5, 2025, the holders of Preferred Shares
will not be entitled to participate in any dividends or distributions. After March 5, 2025, Preferred Shares will rank pari passu
on an as-converted to common stock basis with all of our common stock as to dividends and distributions.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any of the proceeds from the resale of the
Preferred Shares, the Preferred Conversion Shares, the Note Conversion Shares or the Additional Common Shares. We have agreed to
pay for the expenses of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Our registration of the securities covered
by this prospectus does not mean that the selling securityholders will offer or sell any of the Preferred Shares, Preferred Conversion
Shares, Note Conversion Shares or Additional Common Shares. The selling securityholders may sell the shares covered by this prospectus
from time to time in or through any of the different means and at varying prices as described in the sections of this prospectus
entitled &ldquo;Determination of Offering Price&rdquo; and &ldquo;Plan of Distribution&rdquo; beginning on pages 8 and 11,
respectively. The prices at which the selling securityholders may sell the Preferred Conversion Shares, the Note Conversion
Shares and the Additional Common Shares will be determined by the market price for the shares at the time of sale or otherwise
in privately negotiated transactions. The prices at which the selling securityholders may sell the Preferred Shares will be determined
in privately negotiated transactions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B>The Preferred Shares are not listed
on any securities exchange. There is no public trading market for the Preferred Shares. We do not intend to apply for listing
of the Preferred Shares on any securities exchange, quotation system or other recognized trading system. As described in the sections
of this prospectus entitled &ldquo;Determination of Offering Price&rdquo; and &ldquo;Plan of Distribution&rdquo; beginning on
pages 8 and 11, respectively, the prices at which the Preferred Shares will be sold will depend, in part, on the manner and timing
of such sales, but, in any event, we expect such prices likely will be derived from the market price of our common stock traded
on the Nasdaq Global Market at the time of sale.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Our common stock is traded on the Nasdaq
Global Market under the symbol &ldquo;CDZI&rdquo;.&nbsp;&nbsp;On&nbsp;April 9, 2020, the last reported sale price of our common
stock on the Nasdaq Global Market was $12.68. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may amend or supplement this prospectus from time to time
to update the disclosures set forth herein.</P>



<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>_____________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in our securities involves a high degree of risk.&nbsp;&nbsp;You should carefully read and consider the &ldquo;Risk Factors&rdquo;
beginning on page 4.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>_____________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS.&nbsp;&nbsp;ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>_____________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020</B>&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 92%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">About This Prospectus</FONT></A></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Notice about Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">About Cadiz</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Corporate Information</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Summary of Offering</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">Risks Related to the Preferred Shares</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="font-size: 10pt">Description of the Preferred Shares</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#b_001">Determination of Offering Price</A></TD>
    <TD STYLE="text-align: center">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_011"><FONT STYLE="font-size: 10pt">Selling Securityholders</FONT></A></TD>
    <TD STYLE="text-align: center">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_012"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: center">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">Transfer Agent</FONT></A></TD>
    <TD STYLE="text-align: center">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_014"><FONT STYLE="font-size: 10pt">Certain U.S. Federal Income Tax Considerations</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">U.S. Holders</FONT></A></TD>
    <TD STYLE="text-align: center">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">Non-U.S. Holders</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">Foreign Account Tax Compliance Withholding</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_018"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_019"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: center">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_020"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: center">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_021"><FONT STYLE="font-size: 10pt">Information Incorporated by Reference</FONT></A></TD>
    <TD STYLE="text-align: center">18</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABOUT
THIS PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document is called a prospectus and is part of a registration statement that we filed with the Securities and Exchange Commission,
or the Commission, using a &ldquo;shelf&rdquo; registration or continuous offering process. Under this shelf process, the selling
securityholders from time to time may offer and sell, in one or more offerings, the securities described in this prospectus. We
will not receive any proceeds from the resale by any selling securityholder of the offered securities described in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may provide a prospectus supplement containing specific information about the terms of a particular offering by a selling securityholder.
The prospectus supplement may add, update or change information in this prospectus. If there is any inconsistency between the
information in this prospectus and a prospectus supplement, you should rely on the information in that prospectus supplement.
You should read both this prospectus and any prospectus supplement together with the additional information described under the
sections entitled &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Information Incorporated by Reference.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may rely only on the information contained or incorporated by reference in this prospectus.&nbsp;&nbsp;We have not authorized
anyone to provide information or to make representations not contained in this prospectus.&nbsp;&nbsp;This prospectus is neither
an offer to sell nor a solicitation of an offer to buy any securities other than those registered by this prospectus, nor is it
an offer to sell or a solicitation of an offer to buy securities where an offer or solicitation would be unlawful.&nbsp;&nbsp;Neither
the delivery of this prospectus, nor any sale made under this prospectus, means that the information contained incorporated by
reference in this prospectus is correct as of any time after the date of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context otherwise requires, the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Cadiz,&rdquo; and &ldquo;the
Company&rdquo; refer to Cadiz Inc., a Delaware corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_002"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTICE
ABOUT FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information presented in this prospectus,
and in other documents which are incorporated by reference in this prospectus under the sections of this prospectus entitled &ldquo;Where
You Can Find More Information&rdquo; and &ldquo;Information Incorporated by Reference,&rdquo; that discusses financial projections,
information or expectations about our business plans, results of operations, products or markets, or otherwise makes statements
about future events, are forward-looking statements.&nbsp;&nbsp;Forward-looking statements can be identified by the use of words
such as &ldquo;intends,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo;
&ldquo;forecasts,&rdquo; &ldquo;expects,&rdquo; &ldquo;plans,&rdquo; and &ldquo;proposes.&rdquo;&nbsp;&nbsp;Although we believe
that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of
risks and uncertainties that could cause actual results to differ materially from these forward-looking statements.&nbsp;&nbsp;These
include, among others, the cautionary statements in the &ldquo;Risk Factors&rdquo; section of this prospectus beginning on page&nbsp;4.&nbsp;&nbsp;These
cautionary statements identify important factors that could cause actual results to differ materially from those described in
the forward-looking statements.&nbsp;&nbsp;When considering forward-looking statements in this prospectus, you should keep in
mind the cautionary statements in the &ldquo;Risk Factors&rdquo; section and other sections of this prospectus, and other cautionary
statements in documents which are incorporated by reference in this prospectus and listed in &ldquo;Where You Can Find More Information&rdquo;
and &ldquo;Information Incorporated by Reference&rdquo; beginning on pages 17 and&nbsp;18, respectively.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<DIV STYLE="padding: 5; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_003"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS
SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_004"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>About
    Cadiz</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are a natural resources development company dedicated to
creating sustainable water and agricultural opportunities in California. We own approximately 45,000 acres of land with high-quality,
naturally recharging groundwater resources in three areas of Southern California&rsquo;s Mojave Desert.&nbsp; These properties
are located in eastern San Bernardino County situated in close proximity to major highway, rail, energy and water infrastructure,
including the Colorado River Aqueduct, or the &ldquo;CRA&rdquo;, which is the primary transportation route for water imported into
Southern California from the Colorado River.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
properties offer opportunities for a wide array of sustainable activities including water supply projects, groundwater storage,
large-scale agricultural development and land conservation and stewardship programs.&nbsp; In addition to our land and water assets,
we also own pipeline and well infrastructure able to irrigate existing agriculture and to convey water to and from other communities
and agricultural ventures that may be short of supply and/or storage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main objective is to realize the highest and best use of our land, water and infrastructure assets in an environmentally responsible
way. We believe that the highest and best use of our assets will be realized through the development of a combination of water
supply, water storage and agricultural projects in accordance with a holistic land management strategy. Our present activities
are focused on developing our assets in ways that meet growing long-term demand for access to sustainable water supplies and agricultural
products.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon our founding in 1983 as Cadiz Land Company, we began an
agricultural development on a portion of our primary property in Cadiz, California, which is a 34,500-acre property at the base
of the Fenner and Orange Blossom Wash watersheds in eastern San Bernardino County, or the &ldquo;Cadiz/Fenner Property.&rdquo;
These watersheds span an area of more than 1,300 square miles and have 17 to 34 million acre-feet of fresh, high-quality groundwater
in storage &ndash; an amount comparable to Lake Mead, America&rsquo;s largest surface reservoir.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have sustainably farmed portions of the Cadiz/Fenner Property since the late 1980s in accordance with permits from the County
of San Bernardino, the public agency responsible for groundwater use at the Cadiz/Fenner Property. The permits authorize the development
of up to 9,600 acres of the Cadiz/Fenner Property for farming and the associated use of underlying groundwater for irrigation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cadiz/Fenner Property is well-suited for various permanent and seasonal crops, and we have successfully grown citrus, organic
table grapes and raisins, and seasonal vegetables, such as melons, squash and asparagus. Today, we are engaged in agricultural
joint ventures at the Cadiz/Fenner Property and are the largest private agricultural operation in San Bernardino County. Presently,
the property has 2,100 acres leased to third parties for cultivation of citrus and 242 acres leased to our joint venture, SoCal
Hemp JV LLC, for the cultivation of industrial hemp.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to our agricultural ventures,
we are presently developing the Cadiz Valley Water Conservation, Recovery and Storage Project, or the &ldquo;Water Project,&rdquo;
which is approved to capture and conserve millions of acre-feet of native groundwater currently being lost to evaporation from
the aquifer system beneath our Cadiz/Fenner Property, and provide 50,000 acre-feet of water per year, enough water for 400,000
people, to water providers throughout Southern California<I>. </I>A second phase of the Water Project would offer storage in the
aquifer system for up to one million acre-feet of imported water. Following a multi-year California Environmental Quality Act review
and permitting process, the Water Project received permits that allow the capture and conservation of 2.5 million acre-feet of
groundwater over 50 years in accordance with the terms of a groundwater management plan approved by San Bernardino County.&nbsp;
We believe that the ultimate implementation of the Water Project would provide a significant return on our investment and future
cash flow.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
making new water supply and storage available in Southern California, we believe we can be part of the solution to the State&rsquo;s
persistent water challenge. Available water supply in Southern California is constrained every year by regulatory restrictions
on each of the State&rsquo;s three main water sources: (1) the CRA; (2) the State Water Project, which provides water supplies
from Northern California to the central and southern parts of the state; and (3) the Los Angeles Aqueduct, which delivers water
from the eastern Sierra Nevada mountains to Los Angeles. Southern California&rsquo;s water providers and farmers rely on imports
from these systems to meet demand, but deliveries from all three into the region are consistently below capacity, even in wet
years.</FONT></P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the availability of supplies in California differs greatly from year to year due to natural hydrological variability. Over the
last decade, California experienced an historic drought featuring record-low winter precipitation, followed by record wet years.
The 2018-2019 winter was a wet year, with snowpack and rainfall well above average through the summer of 2019, however 2020 is
on track to be another dry year, with snowpack at 45% of normal through February. The rapid swings between wet and dry years challenges
California&rsquo;s traditional supply system and supports the need for reliable storage and local supply.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the variety of challenges and limitations presented by the State&rsquo;s existing infrastructure, Southern California water providers
and farmers are presently pursuing investments in storage, supply and infrastructure to meet long-term demand and pursuing sustainable
water and agriculture sources. We have a record of sustainable agricultural development and groundwater management to support
our continued integration into California&rsquo;s water and agriculture portfolio.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current working capital requirements relate largely to the final development activities associated with the Water Project and
those activities consistent with the Water Project related to further development of our land and agricultural assets. While we
continue to believe that the ultimate implementation of the Water Project will provide a significant source of future cash flow,
we also believe there is substantial value in our underlying agricultural assets and our current agricultural ventures and lease
arrangements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also continue to explore additional sustainable beneficial uses of our land and water resource assets, including the marketing
of our approved desert tortoise land conservation bank, which is located on our properties outside the Water Project area, and
other long-term legacy uses of our properties, such as land stewardship and conservation programs.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A NAME="a_005"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
    Information</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Delaware corporation with our principal executive offices located at 550 South Hope Street, Suite 2850, Los Angeles, California
90071.&nbsp;&nbsp;Our telephone number is (213) 271-1600.&nbsp;&nbsp;We maintain a corporate website at www.cadizinc.com. Our
website address provided in this prospectus is not intended to function as a hyperlink and the information on our website is not,
nor should it be considered, part of this prospectus or incorporated by reference into this prospectus.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A NAME="a_006"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary
    of Offering</B></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a brief summary of the offering and certain terms of our Certificate of Designation of Series 1 Preferred Stock that
we filed with the Secretary of State of the State of Delaware on March 5, 2020 (the &ldquo;Certificate of Designation&rdquo;).&nbsp;&nbsp;For
a more complete description of the terms of the Preferred Shares, see &ldquo;Description of the Preferred Shares&rdquo; in this
prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock Offered</FONT></TD>
    <TD STYLE="width: 75%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 7,662,638 shares of our common stock consisting of:&nbsp;&nbsp;4,050,500 Preferred Conversion Shares issuable to the selling securityholders upon conversion of the Preferred Shares, 2,589,674 Note Conversion Shares issued upon conversion of a portion of the outstanding amount payable under our 2020 Notes, and 1,022,464 Additional Common Shares held by two of the selling securityholders.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
    Shares Offered</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000
    Preferred Shares, which we issued to two of the selling securityholders pursuant to Conversion and Exchange Agreements dated
    March 5, 2020, in exchange for the satisfaction of an outstanding aggregate amount payable of $27,381,000 under our 2020
    Notes.</FONT></TD></TR>
</TABLE>
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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ranking
    and Liquidation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to March 5, 2025, or the &ldquo;Mandatory Conversion Date&rdquo;,
in the event of our voluntary or involuntary liquidation, dissolution or winding up, each Preferred Share will be entitled to receive
an amount in cash equal to $2,734.09 per share (subject to adjustment) before any payment may be made to holders of our common
stock or any outstanding series of our preferred stock junior in liquidation preference to the Preferred Shares. &nbsp;In addition,
prior to the Mandatory Conversion Date, the Preferred Shares will be entitled to participate pro rata on an as-converted into common
stock basis with all of our common stock in the distribution of any remaining proceeds from the voluntary or involuntary liquidation,
dissolution or winding up. After the Mandatory Conversion Date, Preferred Shares will not receive any preference and will only
be entitled to participate pro rata on an as-converted into common stock basis with all of our common stock in the distribution
of any remaining proceeds from the voluntary or involuntary liquidation, dissolution or winding up.&nbsp;&nbsp;See &ldquo;Description
of the Preferred Shares&ndash;&ndash;Ranking and Liquidation&rdquo;.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    Preferred Share is convertible at any time at the option of the holder into 405.05 shares of our common stock, provided that
    the holder will be prohibited from converting Preferred Shares into shares of our common stock if, as a result of such conversion,
    the holder, together with its affiliates, would beneficially own more than 9.9% of the total number of shares of our common
    stock then issued and outstanding after giving effect to such conversion. On the Mandatory Conversion Date, each Preferred
    Share will automatically convert into shares of our common stock at the conversion rate then in effect; provided, that the
    Preferred Shares will not automatically convert shares of our common stock to the extent that, as a result of such conversion,
    the holder, together with its affiliates, would beneficially own more than 9.9% of the total number of shares of our common
    stock then issued and outstanding after giving effect to such conversion. Any Preferred Shares that remain outstanding after
    the Mandatory Conversion Date as a result of such limitations will be convertible at any time thereafter, at the option of
    the holder, subject to the beneficial ownership limitations in our Certificate of Designation.&nbsp;&nbsp;See &ldquo;Description
    of the Preferred Shares&mdash;Conversion Rights.&rdquo;</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting
    Rights</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to the Mandatory Conversion Date, each Preferred Share will be entitled to 301.98 votes on all matters on which stockholders
    are generally entitled to vote (provided that no holder of Preferred Shares will be entitled to such number of votes in excess
    of such holder&rsquo;s beneficial ownership limitation). &nbsp;After the Mandatory Conversion Date, the Preferred Shares will
    have no voting rights, except as required by applicable law. &nbsp;See &ldquo;Description of the Preferred Shares&mdash;Voting
    Rights.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to the Mandatory Conversion Date, the holders of Preferred Shares will not be entitled to participate in any dividends or
    distributions. After the Mandatory Conversion Date, Preferred Shares will rank pari passu on an as-converted to common stock
    basis with all of our common stock as to dividends and distributions.&nbsp;&nbsp;See &ldquo;Description of the Preferred Shares&mdash;Dividends.&rdquo;
    </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-Dilution</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of shares issuable upon conversion of the Preferred Shares and the number of votes to which each Preferred Share is
    entitled are subject to proportionate adjustment upon the issuance by us of certain stock dividends, stock splits, and similar
    proportionately applied changes affecting our outstanding shares of common stock.&nbsp;&nbsp;See &ldquo;Description of the
    Preferred Shares&mdash;Anti-Dilution.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    any time after March 5, 2021, we may redeem Preferred Shares by payment of an amount per Preferred Share equal to $13.50 multiplied
    by the Conversion Rate then in effect; provided, that as to each holder of Preferred Shares, the number of Preferred Shares
    redeemed must be at least 25% of the Preferred Shares originally issued to such holder.&nbsp;&nbsp;See &ldquo;Description
    of the Preferred Shares&mdash;Redemption.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We will not receive any of the proceeds from the sale of the
Preferred Shares, the Preferred Conversion Shares, the Note Conversion Shares or the Additional Common Shares by any of the selling
securityholders.</P> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Preferred Shares are not listed on any securities exchange.&nbsp;&nbsp;Our
common stock is listed on The Nasdaq Global Market under the symbol &ldquo;CDZI.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    &ldquo;Risk Factors&rdquo; beginning on page 4 and other information included or incorporated by reference
    in this prospectus for a discussion of factors you should consider carefully before investing in the Preferred Shares or shares
    of our common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK
FACTORS</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our securities involves a high degree of risk. You should carefully consider the following factors as
well as the other information contained and incorporated by reference in this prospectus, including the Risk factors disclosure
in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, before deciding to invest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_008"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Risks
    Related to the Preferred Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fluctuations in the price of our common stock may affect
the value of the Preferred Shares and make them more difficult to resell.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Preferred Shares are convertible into shares of
our common stock, volatility or depressed prices for our common stock could have a similar effect on the value of the Preferred
Shares and could limit the value of shares of our common stock receivable upon conversion of the Preferred Shares.&nbsp;&nbsp;Holders
who receive common stock upon conversion of the Preferred Shares will also be subject to the risk of volatility and depressed prices
of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>You
may have to pay taxes with respect to distributions on our common stock that you do not receive.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion rate of the Preferred Shares is subject to adjustment for certain events arising from stock splits and combinations,
stock dividends, cash dividends and certain other actions by us that modify our capital structure.&nbsp;&nbsp;If, for example,
the conversion rate is adjusted as a result of a distribution that is taxable to holders of our common stock, such as a cash dividend,
you may be required to include an amount in income for U.S. federal income tax purposes, notwithstanding the fact that you do
not receive an actual distribution.&nbsp;&nbsp;In addition, holders of the Preferred Shares may, in certain circumstances, be
deemed to have received a distribution subject to U.S. federal withholding taxes.&nbsp;&nbsp;If we pay withholding taxes on behalf
of a holder, we may, at our option, set off such amounts against any cash and/or common stock otherwise deliverable to such holder.&nbsp;&nbsp;See
&ldquo;Certain U.S. Federal Income Tax Considerations&rdquo; for more details.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>An
active trading market for the Preferred Shares may not develop.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Preferred Shares are an issue of securities for which there is currently no active trading market and no active trading market
might ever develop.&nbsp;&nbsp;The Preferred Shares may trade at a discount from their initial offering price, depending on the
market for similar securities, the price, and volatility in the price, of our shares of common stock, our performance and other
factors.&nbsp;&nbsp;In addition, we do not know whether an active trading market will develop for the Preferred Shares.&nbsp;&nbsp;We
have no plans to list the Preferred Shares on a securities exchange or to include the Preferred Shares in any automated quotation
system.&nbsp;&nbsp;The liquidity of any market for the Preferred Shares will depend upon the number of holders of the Preferred
Shares, our results of operations and financial condition, the market for similar securities, the interest of securities dealers
in making a market in the Preferred Shares and other factors.&nbsp;&nbsp;An active or liquid trading market for the Preferred
Shares may not develop.&nbsp;&nbsp;To the extent that an active trading market does not develop, the liquidity and trading prices
for the Preferred Shares may be harmed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conversion
of the Preferred Shares will dilute the ownership interest of existing shareholders, including holders who had previously converted
their Preferred Shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The conversion of some or all of the Preferred
Shares into Preferred Conversion Shares may dilute the ownership interests of existing shareholders.&nbsp;&nbsp;Any sales in the
public market of the common stock issued upon such conversion could adversely affect prevailing market prices of our common stock.&nbsp;&nbsp;In
addition, the existence of the Preferred Shares may encourage short selling by market participants because the conversion of the
Preferred Shares into Preferred Conversion Shares could depress the price of our common stock.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The sale of a substantial amount of our common stock
in the market and the issuance of shares upon conversion of convertible instruments, including the Preferred Conversion Shares,
could adversely affect the prevailing market price of our common stock.</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> As of&nbsp;April 9, 2020, we had 34,774,634&nbsp;shares
of common stock issued and outstanding and the closing sale price of our common stock on&nbsp;April 9, 2020 was $12.68. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may engage in transactions to issue
convertible debt and warrants to purchase common stock, as we have in the past, which transactions may include registration rights.
The registration of such additional securities and the potential for high volume trades of our common stock in connection with
these financings may have a downward effect on our market price. Future issuance of our common stock upon exercise of these warrants
may have a further negative impact on our stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Further, as of&nbsp;April 9, 2020,
we have reserved for issuance, but not yet issued, a substantial amount of additional shares, including the Preferred Conversion
Shares. The issuance of shares we are obligated to issue, which may increase dilution of existing investors and further depress
the market price of our common stock, which may negatively affect our stockholders&rsquo; equity and our ability to raise capital
on terms acceptable to us in the future. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
volatility of our stock price could adversely affect current and future stockholders.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&nbsp;&nbsp;The
market price of our common stock is volatile and fluctuates in response to various factors which are beyond our control.&nbsp;&nbsp;Such
fluctuations are particularly common in companies such as ours, which have not generated significant revenues.&nbsp;&nbsp;The
following factors, in addition to other risk factors described in this section, could cause the market price of our common stock
to fluctuate substantially:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developments
                                         involving the execution of our business plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
                                         of any adverse results in litigation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
                                         developments affecting our ability to develop our properties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disruptions to the market and industry as a result of the global outbreak of the COVID-19 coronavirus;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         dilutive effect or perceived dilutive effect of additional debt or equity financings;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perceptions
                                         in the marketplace of our company and the industry in which we operate; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
                                         economic, political and market conditions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock markets, from time to time, experience extreme price and volume fluctuations that may be unrelated or disproportionate
to the operating performance of companies. These broad fluctuations may adversely affect the market price of our common stock.
Price volatility could be worse if the trading volume of our common stock is low.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The COVID-19 coronavirus could adversely impact our business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In December 2019, a novel strain of coronavirus,
COVID-19, was reported to have surfaced in Wuhan, China. Since then, the COVID-19 coronavirus has spread to multiple countries,
including the United States. If the COVID-19 coronavirus continues to spread, we may experience disruptions that could severely
impact our business, including; availability of necessary items or availability of workforce in a non-essential business either
due to voluntary or mandated quarantine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">The global outbreak of the COVID-19 coronavirus continues to rapidly
evolve. The extent to which the COVID-19 coronavirus may impact our business will depend on future developments, which are highly
uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the
outbreak, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions
and the effectiveness of actions taken in the United States and other countries to contain and treat the disease.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF THE PREFERRED SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 5, 2020, we filed the Certificate of Designation with the Secretary of State of the State of Delaware to designate 10,000
shares of our preferred stock, par value $0.01 per share, as the Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We issued the Preferred Shares pursuant to Conversion and Exchange
Agreements, dated March 5, 2020, between Cadiz Inc. and two of the selling securityholders, in exchange for the satisfaction of
an outstanding aggregate amount payable of $27,381,000 under our 2020 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a brief description of the Preferred Shares:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ranking
and Liquidation</I>. Prior to the Mandatory Conversion Date, subject to applicable law and the rights of the holders of any outstanding
series of our preferred stock, in the event of our voluntary or involuntary liquidation, dissolution or winding up, each Preferred
Share will be entitled to receive an amount in cash equal to $2,734.09 per share (as may be adjusted for any dividends of Preferred
Shares, subdivision of the outstanding Preferred Shares or combination of the outstanding Preferred Shares), before any payment
may be made to holders of our common stock or any outstanding series of our preferred stock junior in liquidation preference to
the Preferred Shares. In addition, prior to the Mandatory Conversion Date, subject to applicable law and the rights of the holders
of any outstanding series of our preferred stock, Preferred Shares will be entitled to participate pro rata on an as-converted
into common stock basis with all of our common stock in the distribution of any remaining proceeds from the voluntary or involuntary
liquidation, dissolution or winding up. After the Mandatory Conversion Date, subject to applicable law and the rights of the holders
of any outstanding series of our preferred stock, Preferred Shares will not receive any preference and will only be entitled to
participate pro rata on an as-converted into common stock basis with all of our common stock in the distribution of any remaining
proceeds from the voluntary or involuntary liquidation, dissolution or winding up.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Conversion</I>.
Each Preferred Share is convertible at any time at the option of the holder into 405.05 shares of our common stock (the &ldquo;Conversion
Rate&rdquo;), provided that the holder will be prohibited from converting Preferred Shares into shares of our common stock if,
as a result of such conversion, the holder, together with its affiliates, would beneficially own more than 9.9% of the total number
of shares of our common stock then issued and outstanding after giving effect to such conversion. On the Mandatory Conversion
Date, each Preferred Share will automatically convert into shares of our common stock at the Conversion Rate then in effect; provided,
that the Preferred Shares will not automatically convert shares of our common stock to the extent that, as a result of such conversion,
the holder, together with its affiliates, would beneficially own more than 9.9% of the total number of shares of our common stock
then issued and outstanding after giving effect to such conversion. Any Preferred Shares that remain outstanding after the Mandatory
Conversion Date as a result of such limitations will be convertible at any time thereafter, at the option of the holder, subject
to the beneficial ownership limitations in the Certificate of Designation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voting
Rights</I>. Prior to the Mandatory Conversion Date, except as provided by applicable law, each Preferred Share will be entitled
to 301.98 votes (the &ldquo;Voting Rate&rdquo;) on all matters on which stockholders are generally entitled to vote (provided
that no holder of Preferred Shares will be entitled to such number of votes in excess of such holder&rsquo;s beneficial ownership
limitation). Additionally, prior to the Mandatory Conversion Date, the vote or written consent of holders of a majority of the
outstanding Preferred Shares, voting separately as a single class, will be required for certain amendments to our certificate
of incorporation, to liquidate us, to incur certain indebtedness other than permitted indebtedness, to enter into certain affiliate
transactions, to issue additional Preferred Shares and to issue any capital stock senior or having parity in preference to the
Preferred Shares, other than preferred shares that may be issued in one or more financing transactions as an alternative to our
incurring, and which the gross proceeds of shall be offset against, permitted indebtedness. Permitted indebtedness over which
the Preferred Shares will have no voting rights consists of (i) our existing debt as of March 5, 2020 and the refinancing of such
debt, (ii) up to $600 million of debt that we may incur related to our southern pipeline project or our northern pipeline project
(collectively, the &ldquo;Pipeline Water Projects&rdquo;), (iii) <FONT STYLE="background-color: white">the establishment of related
infrastructure and farming costs for developing agriculture on land owned by us and our subsidiaries (the &ldquo;Farming Project&rdquo;),
(iv) working capital for the Pipeline Water Projects, the Farming Project or general corporate purposes, and (v) a refinancing
of any of the debt described in this sentence </FONT>related to the Pipeline Water Projects. After the Mandatory Conversion Date,
the Preferred Shares will have no voting rights, except as required by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;&nbsp;</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dividends</I>.
Prior to the Mandatory Conversion Date, the holders of Preferred Shares will not be entitled to participate in any dividends or
distributions. After the Mandatory Conversion Date, subject to the applicable law and the rights of the holders of any outstanding
series of our preferred stock, Preferred Shares will rank pari passu on an as-converted to common stock basis with all of our
common stock as to dividends and distributions. However, holders of Preferred Shares will not be entitled to participate in dividends
consisting of shares of our common stock or other securities convertible into or exercisable for shares of our common stock to
the extent that, as a result of such dividend, the holder, together with its affiliates, would beneficially own more than 9.9%
of the total number of shares of our common stock then issued and outstanding after giving effect to such dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Anti-Dilution</I>.
The Conversion Rate and the Voting Rate are subject to proportionate adjustment upon the issuance by us of stock dividends, stock
splits, and similar proportionately applied changes affecting our outstanding shares of common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Redemption</I>.
At any time after March 5, 2021, we may redeem Preferred Shares by payment of an amount per Preferred Share equal to $13.50 (as
may be adjusted for any dividends of Preferred Shares, subdivision of the outstanding Preferred Shares or combination of the outstanding
Preferred Shares) multiplied by the Conversion Rate then in effect; provided, that as to each holder of Preferred Shares, the
number of shares redeemed must be at least 25% of the Preferred Shares originally issued to such holder. There will be no restriction
on the redemption of the Preferred Shares while there is any arrearage in the payment of dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
as a Stockholder.</I> Except as otherwise provided in the Certificate of Designation, or by virtue of such holder&rsquo;s ownership
of shares of our common stock, the holders of Preferred Shares do not have the rights or privileges of holders of shares of our
common stock, until they convert their Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Amendments</I>.
Certain terms of the Preferred Shares may be amended or modified with the vote or written consent of the holders of a majority
of the then-outstanding Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anti-Takeover
Effects of Certain Provisions of Delaware Law and Our Charter Documents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of our Certificate of Incorporation and our Bylaws. This summary does not purport to be complete and is
qualified in its entirety by reference to our Certificate of Incorporation and our Bylaws. Our Certificate of Incorporation states
that we expressly elect not to be governed by Section 203 of the General Corporation Law of the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
charter documents include provisions that may have the effect of discouraging, delaying or preventing a change in control or an
unsolicited acquisition proposal that a stockholder might consider favorable, including a proposal that might result in the payment
of a premium over the market price for the shares held by our stockholders. These provisions are summarized in the following paragraphs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Special
Meeting of Stockholders.</I> Neither our Certificate of Incorporation nor our Bylaws  permit stockholder action by written
consent in lieu of a meeting of stockholders. Further, special meetings of stockholders may be called only by our Board of Directors,
Chief Executive Officer or President. In addition, our Bylaws provide advance notice procedures for stockholders seeking to bring
business before the annual meeting of stockholders or to nominate candidates for election as directors at the annual meeting of
stockholders, and specify certain requirements regarding the form and content of a stockholder&rsquo;s notice. The foregoing could
have the effect of delaying or preventing unsolicited takeovers and changes in control or changes in our management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Effects
of authorized but unissued common stock and blank check preferred stock</I>. One of the effects of the existence of authorized
but unissued common stock and undesignated preferred stock may be to enable our Board of Directors to make more difficult or to
discourage an attempt to obtain control of our company by means of a merger, tender offer, proxy contest or otherwise, and thereby
to protect the continuity of management. If, in the due exercise of its fiduciary obligations, our Board of Directors were to
determine that a takeover proposal was not in our best interest, such shares could be issued by our Board of Directors without
stockholder approval in one or more transactions that might prevent or render more difficult or costly the completion of the takeover
transaction by diluting the voting or other rights of the proposed acquirer or insurgent stockholder group, by putting a substantial
voting block in institutional or other hands that might undertake to support the position of the incumbent Board of Directors,
by effecting an acquisition that might complicate or preclude the takeover, or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our certificate of incorporation grants our Board of Directors broad power to establish the rights and preferences of
authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings
and assets available for distribution to holders of shares of common stock. The issuance also may adversely affect the rights
and powers, including voting rights, of those holders and may have the effect of delaying, deterring or preventing a change in
control of our company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cumulative
Voting.</I> Our Certificate of Incorporation does not provide for cumulative voting in the election of directors which would allow
holders of less than a majority of the stock to elect some directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Vacancies</I>.
Section 223 of the Delaware General Corporation Law and our Bylaws provide that all vacancies, including newly created directorships,
may be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Anti-Takeover
Effects of Delaware Law. </I>We are subject to the &ldquo;business combination&rdquo; provisions of Section 203 of Delaware law.
In general, such provisions prohibit a publicly held Delaware corporation from engaging in various &ldquo;business combination&rdquo;
transactions with any interested stockholder for a period of three years after the date of the transaction in which the person
became an interested stockholder, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>prior to the date the interested stockholder obtained such status, the Board of Directors of the corporation approved either
the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>on or subsequent to such date, the business combination is approved by the Board of Directors of the corporation and authorized
at an annual or special meeting of stockholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock which
is not owned by the interested stockholder.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;business combination&rdquo; is defined to include mergers, asset sales and other transactions resulting in financial benefit
to an interested stockholder. In general, an &ldquo;interested stockholder&rdquo; is a person who, together with affiliates and
associates, owns (or within three years, did own) 15% or more of a corporation&rsquo;s voting stock. The statute could prohibit
or delay mergers or other takeover or change in control attempts with respect to us and, accordingly, may discourage attempts
to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the
prevailing market price.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE
OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any proceeds from the
sale of any or all of the Preferred Shares, the Preferred Conversion Shares, the Note Conversion Shares or the Additional Common
Shares being offered by the selling securityholders under this prospectus.</P>



<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <FONT STYLE="text-transform: uppercase"><B><A NAME="b_001"></A>DETERMINATION
OF OFFERING PRICE</B></FONT> </P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"> The prices at which
the selling securityholders may sell the Preferred Conversion Shares, the Note Conversion Shares and the Additional Common Shares
will be determined by the market price for the shares at the time of sale or otherwise in privately negotiated transactions. </P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"> There is no public
trading market for the Preferred Shares, and we do not expect a public trading market to develop. We do not intend to apply for
listing of the Preferred Shares on any securities exchange, quotation system or other recognized trading system. Accordingly,
the prices at which the selling securityholders may sell the Preferred Shares will be determined in privately negotiated transactions.
As described in the section of this prospectus entitled &ldquo;Plan of Distribution,&rdquo; the prices at which the Preferred
Shares will be sold will depend, in part, on the manner and timing of such sales, but, in any event, we expect such prices likely
will be derived from the market price of our common stock traded on the Nasdaq Global Market at the time of sale. </P>



<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SELLING
SECURITYHOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus covers the resale or other disposition of the
Preferred Shares, the Preferred Conversion Shares, the Note Conversion Shares and the Additional Common Shares, which we have agreed
to register. Accordingly, we have filed with the Commission a registration statement, of which this prospectus is a part, for the
resale of those shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We issued the Preferred Shares pursuant
to Conversion and Exchange Agreements, dated March 5, 2020, between Cadiz Inc. and each of the selling securityholders, in exchange
for the satisfaction of an outstanding aggregate amount payable of $27,381,000 under our 2020 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">The
Note Conversion Shares were issued to the selling securityholders in March 2020 upon conversion of a portion of the aggregate amount
payable under our 2020 Notes, pursuant to the terms of the</FONT> indenture, dated December 10, 2015, between us and The Bank of
New York Mellon Trust Company, N.A., as Trustee.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Additional Common Shares are beneficially owned by LC Capital
Master Fund Ltd. or Mr. Lampe and were acquired in certain of our prior private placements from 2004 through 2009, or in open market
transactions or other transactions.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">None of the
selling securityholders, except as noted in the table below, has held any position or office or had a material relationship with
us other than under our previously existing corporate term debt, under the terms of the agreements pursuant to which the Preferred
Shares were issued, or as a result of the ownership of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may amend
or supplement this prospectus from time to time to update the disclosures set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table is based on information supplied to us by
the selling securityholders identified in the table.&nbsp;&nbsp;The table sets forth, as to the selling securityholders identified,
the number of Preferred Shares, Preferred Conversion Shares, the Note Conversion Shares and the Additional Common Shares that each
selling securityholder beneficially owns (including any shares the selling securityholder has the right to acquire within 60 days),
the number of shares of Preferred Shares, Preferred Conversion Shares, Note Conversion Shares and Additional Common Shares beneficially
owned by each selling securityholder that may be offered for sale from time to time by this prospectus and the number and percentage
of Preferred Shares, Preferred Conversion Shares, Note Conversion Shares and Additional Common Shares to be held by each such selling
securityholder assuming the sale of all Preferred Shares, Conversion Shares, Note Conversion Shares and Additional Common Shares
offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series 1 Preferred Stock</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Stock</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Selling Securityholders</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares <BR>
Beneficially <BR>
Owned <BR>
Before <BR>
Offering<SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares <BR>
Which <BR>
May Be <BR>
Offered <BR>
Pursuant <BR>
to this <BR>
Prospectus</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares <BR>
Beneficially <BR>
Owned <BR>
after <BR>
Offering<SUP>(2)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage <BR>
Ownership <BR>
after <BR>
Offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares <BR>
Beneficially <BR>
Owned <BR>
Before <BR>
Offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares <BR>
Which May <BR>
Be Offered <BR>
Pursuant<BR>
to this <BR>
Prospectus<SUP>(3)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares <BR>
Beneficially <BR>
Owned after <BR>
Offering<SUP>(4)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage <BR>
Ownership <BR>
after <BR>
Offering<SUP>(5)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LC Capital Master Fund Ltd.<BR>
c/o Lampe Conway &amp; C LLC<BR>
680 Fifth Avenue, 12<SUP>th</SUP> Floor<BR>
New York, NY 10019</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,671</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,671</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,298,045</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,298,045</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;0</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven G. Lampe<BR>
c/o Lampe Conway &amp; C LLC<BR>
680 Fifth Avenue, 12<SUP>th</SUP> Floor<BR>
New York, NY 10019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">146,092</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(8)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">146,092</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(8)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elkhorn Partners, Limited Partnership<BR>
8405 Indian Hills Drive, Unit 2A8 Omaha, NE 68114</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">329</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">329</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">482,101</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(9)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">218,501</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(10)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">263,600</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="width: 95%; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
    as otherwise noted herein, the number and percentage of shares beneficially owned is determined in accordance with Rule&nbsp;13d-3
    of the Exchange Act, and the information is not necessarily indicative of beneficial ownership for any other purpose.&nbsp;&nbsp;Under
    such rule, beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment
    power and also any shares which the individual has the right to acquire within 60 days of the date of this prospectus through
    the exercise of any option or other right.&nbsp;&nbsp;Except as otherwise noted herein, the number of shares beneficially
    owned by each selling securityholder identified in this table is as of April 9,&nbsp;2020. Unless otherwise indicated
    in the footnotes, each person has sole voting and investment power with respect to the shares shown as beneficially owned.&nbsp;&nbsp;</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes the sale of all Preferred Shares offered hereby.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes Preferred Conversion Shares issuable upon conversion of Preferred Shares.&nbsp;&nbsp;The number of Preferred Conversion Shares issuable upon conversion of each Preferred Share, when aggregated with the shares of our common stock beneficially owned by such holder, is subject to a 9.9% limitation based on the number of shares of our common stock outstanding after giving effect to such conversion.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes the sale of all shares of common stock offered hereby, including the Preferred Conversion Shares, the Note Conversion Shares and the Additional Common Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on 34,774,634&nbsp;shares of common stock issued and outstanding
as of April 9, 2020.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 3,380,806 shares of common stock
    beneficially owned as of April 9, 2020.&nbsp;&nbsp;Includes 3,917,239 shares of common stock issuable upon conversion
    of 9,671 Preferred Shares. The number of shares of common stock issuable upon conversion of each Preferred Share, when aggregated
    with the shares of our common stock beneficially owned by such holder, is subject to a 9.9% limitation based on the number
    of shares of our common stock outstanding after giving effect to such conversion.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These securities held by LC Capital Master Fund Ltd. (&ldquo;LC Capital&rdquo;) may be deemed to be beneficially owned by LC Capital Partners, LP (&ldquo;Partners&rdquo;), LC Capital Advisors LLC (&ldquo;Advisors&rdquo;), LC Capital Offshore Fund, Ltd. (&ldquo;Offshore&rdquo;), Lampe, Conway&amp; Co., LLC (&ldquo;Lampe Conway&rdquo;), Steven G. Lampe (&ldquo;Lampe&rdquo;) and Richard F. Conway (&ldquo;Conway&rdquo;) by virtue of the following relationships: (i) Partners and Offshore beneficially own 100% of the outstanding shares of LC Capital; (ii) Advisors is the sole general partner of Partners; (iii) Lampe Conway acts as investment manager to Partners, Offshore and LC Capital pursuant to certain investment management agreements, and as a result of such agreements, Lampe Conway shares voting and dispositive power over the securities; and (iv) Lampe and Conway act as the sole managing members of each of Advisors and Lampe Conway and are the natural persons with voting and dispositive power over these securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 3,917,239 shares of common stock issuable upon conversion of 9,671 Preferred Shares.&nbsp;&nbsp;The number of shares of common stock issuable upon conversion of each Preferred Share, when aggregated with the shares of our common stock beneficially owned by such holder, is subject to a 9.9% limitation based on the number of shares of our common stock outstanding after giving effect to such conversion.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to shares beneficially owned by LC Capital, Steven G. Lampe beneficially owns (i) 144,300 shares of our common stock over which he has sole voting and dispositive power, (ii) 1,208 shares of our common stock in a retirement account, and (iii) 584 shares of our common stock through an immediate family member sharing the same household.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT> </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 348,840 shares of common stock beneficially
    owned as of April 9, 2020. Also includes 133,261 shares of common stock issuable upon conversion of 329 Preferred
    Shares.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of Preferred Conversion Shares issuable upon conversion of each Preferred Share, when aggregated with the shares of our common stock beneficially owned by such holder, is subject to a 9.9% limitation based on the number of shares of our common stock outstanding after giving effect to such conversion. The securities may be deemed to be beneficially owned by Mr. Alan Parsow, the sole managing partner of the selling securityholder.&nbsp;&nbsp;Mr. Parsow disclaims beneficial ownership over these securities.&nbsp;&nbsp;The selling securityholder has confirmed that it is not a registered broker-dealer or an affiliate of a broker dealer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes 133,261 shares of common stock issuable upon conversion of 329 Preferred Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of Preferred Conversion Shares issuable upon conversion of each Preferred Share, when aggregated with the shares of our common stock beneficially owned by such holder, is subject to a 9.9% limitation based on the number of shares of our common stock outstanding after giving effect to such conversion.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than 1%.</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Preferred Shares, the Preferred Conversion Shares, the Note
Conversion Shares and the Additional Common Shares will be offered and sold by the selling securityholders named in this prospectus,
by their donees, or by their other successors in interest.&nbsp;&nbsp;We have agreed to bear the expenses of the registration of
such shares, including legal and accounting fees, other than fees of counsel, if any, retained individually by the selling securityholders,
and any discounts or commissions payable with respect to sales of such shares.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> The selling securityholders
will act independently of us in making decisions with respect to the timing, manner and size of each sale. Such sales may be made
on any securities exchange or quotation system on which the shares may be listed or quoted at the time of sale at then current
market prices or otherwise in privately negotiated transactions at prices derived from the then current market price of our common
stock and on such other terms as the parties may negotiate. </P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> There is no public trading market for the
Preferred Shares, and we do not expect a public trading market to develop. We do not intend to apply for listing of the Preferred
Shares on any securities exchange, quotation system or other recognized trading system. The prices at which the Preferred Shares
may be sold will depend, in part, on the manner and timing of such sales, but, in any event, we expect such prices likely will
be derived from the market price of our common stock traded on the Nasdaq Global Market at the time of sale. </P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling securityholders may sell their
shares by one or more of, or a combination of, the following methods:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">purchases by a broker-dealer as principal and resale by such broker-dealer for its own account
pursuant to this prospectus;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">ordinary brokerage transactions and transactions in which the broker solicits purchasers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">block trades in which the broker-dealer so engaged will attempt to sell the shares as agent
but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">on any national securities
                                         exchange or quotation system on which the shares may be listed or quoted at the time
                                         of sale;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">in privately negotiated transactions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">in options transactions; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">by any other legally available means.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, any shares that
qualify for sale pursuant to Rule&nbsp;144 may be sold under Rule&nbsp;144 rather than pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, a selling securityholder
may pledge or grant a security interest in some or all of the shares which the selling securityholder owns.&nbsp;&nbsp;If a selling
securityholder defaults in the performance of the selling securityholder&rsquo;s secured obligations, the pledgees or secured parties
may offer and sell the shares from time to time by this prospectus (except, in some cases, if the pledgees or secured parties are
broker-dealers or are affiliated with broker-dealers).&nbsp;&nbsp;The selling securityholders also may transfer and donate shares
in other circumstances.&nbsp;&nbsp;Donees may also offer and sell the shares from time to time by this prospectus (except, in some
cases, if the donees are broker-dealers or are affiliated with broker-dealers).&nbsp;&nbsp;The number of shares beneficially owned
by a selling securityholder will decrease as and when a selling securityholder donates such securityholder&rsquo;s shares or defaults
in performing obligations secured by such securityholder&rsquo;s shares.&nbsp;&nbsp;The plan of distribution for the shares offered
and sold under this prospectus will otherwise remain unchanged, except that the donees, pledgees, other secured parties or other
successors in interest will be selling securityholders for purposes of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent required, this prospectus
may be amended or supplemented from time to time to describe a specific plan of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In effecting sales, broker-dealers or agents
engaged by the selling securityholders may arrange for other broker-dealers to participate.&nbsp;&nbsp;Broker-dealers or agents
may receive commissions, discounts or concessions from the selling securityholders in amounts to be negotiated immediately prior
to the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling securityholders and any broker-dealers
acting in connection with the sale of the shares covered by this prospectus may be deemed to be &ldquo;underwriters&rdquo; within
the meaning of Section&nbsp;2(a)(11) of the Securities Act of 1933, and any commissions received by them and any profit realized
by them on the resale of the shares as principals may be deemed to be underwriting compensation under the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order to comply with the securities laws
of certain states, if applicable, the shares must be sold in such jurisdictions only through registered or licensed brokers or
dealers.&nbsp;&nbsp;In addition, in certain states, the shares may not be sold unless they have been registered or qualified for
sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have agreed to indemnify the selling
securityholders, their agents, representatives and advisers, and in connection with an underwritten offering, the underwriters
against liabilities they may incur as a result of any untrue statement or alleged untrue statement of a material fact in the registration
statement of which this prospectus forms a part, any omission or alleged omission in this prospectus or the registration statement
to state a material fact necessary in order to make the statements made not misleading or any violation or alleged violation of
any United States federal, state or common law rule or regulation applicable to us and relating to action required of or inaction
by us in connection with any such registration..&nbsp;&nbsp;This indemnification includes liabilities that the selling securityholders
may incur under the Securities Act.&nbsp;&nbsp;We do not have to give such indemnification if the untrue statement or omission
was made in reliance upon and in conformity with information furnished in writing to us by the selling securityholders for use
in this prospectus or the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have advised the selling securityholders
that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities
of the selling securityholders and their respective affiliates.&nbsp;&nbsp;The selling securityholders may indemnify any broker-dealer
that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_013"></A><FONT STYLE="font-size: 10pt"><B>Transfer Agent</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The transfer agent for our common stock
is Continental Stock Transfer &amp; Trust Company, New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><B>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of certain U.S. federal income tax
considerations relating to the purchase, ownership and disposition of the Preferred Shares, the Preferred Conversion Shares, the
Note Conversion Shares and the Additional Common Shares, as of the date of this prospectus.&nbsp;&nbsp;This summary applies only
to a beneficial owner who holds such shares as a capital asset (generally for investment purposes).&nbsp;&nbsp;This summary does
not discuss any state, local or foreign tax consequences, nor does it deal with beneficial owners of such shares that may be subject
to special treatment for U.S. federal income tax purposes.&nbsp;&nbsp;For example, this summary does not address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">tax consequences to beneficial owners who are dealers in securities or currencies, traders
in securities that elect to use the mark-to-market method of accounting for their securities, financial institutions, regulated
investment companies, real estate investment trusts, tax-exempt entities or insurance companies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">tax consequences to beneficial owners holding shares as part of a hedging, integrated, constructive
sale or conversion transaction, or a straddle;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">tax consequences to U.S. holders (as defined below) whose &ldquo;functional currency&rdquo;
is not the U.S. dollar; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">U.S. federal estate, gift or alternative minimum tax consequences, if any (except to the
extent specifically discussed below in &ldquo;&mdash;Non-U.S. Holders&mdash;U.S. Federal Estate Tax&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The discussion below is based upon the provisions
of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), and U.S. Treasury regulations, rulings and judicial
decisions as of the date of this prospectus.&nbsp;&nbsp;Those authorities may be changed, perhaps retroactively, so as to result
in U.S. federal income tax considerations different from those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a beneficial owner of the Preferred
Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares is an entity classified as a partnership
for U.S. federal income tax purposes, the tax treatment of a partner will generally depend upon the status of the partner and
the activities of the partnership.&nbsp;&nbsp;If you are such an entity, or a partner in such an entity, you should consult your
own tax advisor.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No rulings have been sought or are expected
to be sought from the Internal Revenue Service (the &ldquo;IRS&rdquo;) with respect to any of the U.S. federal income tax considerations
discussed below.&nbsp;&nbsp;As a result, we cannot assure you that the IRS will agree with the tax consequences described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Each prospective investor should consult
its own tax advisor concerning the U.S. federal income and estate tax consequences to the investor of the ownership and disposition
of the applicable shares in light of the investor&rsquo;s particular situation and any consequences arising under the laws of any
other taxing jurisdiction.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><A NAME="a_015"></A><FONT STYLE="font-size: 10pt"><B>U.S. Holders</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following discussion is a summary of certain U.S. federal
income tax considerations that will apply to you if you are a U.S. holder of Preferred Shares, Preferred Conversion Shares, Note
Conversion Shares or Additional Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this discussion, a U.S.
holder is a beneficial owner of shares that is for U.S. federal tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">an individual who is a citizen or resident of the United States;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">a corporation created or organized in or under the laws of the United States, any state thereof
or the District of Columbia;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">an estate the income of which is subject to U.S. federal income taxation regardless of its
source; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-weight: normal">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">a trust that (i) is subject
to the primary supervision of a court within the United States and one or more United States persons have authority to control
all substantial decisions of the trust, or (ii) has a valid election in effect under applicable U.S. Treasury regulations to be
treated as a United States person.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Conversion of the Preferred Shares into
Shares of Our Common Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A U.S. holder of Preferred Shares generally
will not recognize gain or loss on the conversion of Preferred Shares into shares of our common stock.&nbsp;&nbsp;The U.S. holder&rsquo;s
holding period for the shares of our common stock received upon conversion will include the period during which the Preferred Shares
were held, and the U.S. holder&rsquo;s aggregate tax basis in the shares received upon conversion will be equal to the holder&rsquo;s
adjusted tax basis in the Preferred Shares at the time of conversion.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Sale, Exchange, Repurchase or Retirement
of the Preferred Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each U.S. holder generally will recognize
gain or loss upon the sale, exchange, repurchase, retirement or other disposition of Preferred Shares (other than a conversion
of the Preferred Shares into shares of our common stock, which is addressed above) measured by the difference (if any) between
(i) the amount of cash and the fair market value of any property received and (ii) such holder&rsquo;s adjusted tax basis in the
Preferred Shares.&nbsp;&nbsp;The U.S. holder&rsquo;s adjusted tax basis in the Preferred Shares generally will equal the amount
paid for the Preferred Shares.&nbsp;&nbsp;Any such gain or loss should be capital gain or loss and generally will be long-term
capital gain or loss if the Preferred Shares have been held for more than one year at the time of the sale or exchange.&nbsp;&nbsp;Generally,
net long-term capital gain for non-corporate taxpayers (including individuals) is eligible for a reduced rate of taxation.&nbsp;&nbsp;The
deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Distributions on the Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Distributions (including constructive distributions), if any,
made with respect to the Preferred Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares generally
will constitute taxable dividends to the extent of our current and accumulated earnings and profits.&nbsp;&nbsp;Any distribution
in excess of our current and accumulated earnings and profits will be treated first as a tax-free return of capital, which will
reduce the U.S. holder&rsquo;s adjusted tax basis in the shares (but not below zero).&nbsp;&nbsp;To the extent such a distribution
exceeds the U.S. holder&rsquo;s adjusted tax basis in the shares, the distribution will be taxable as capital gain.&nbsp;&nbsp;Under
certain circumstances, dividends paid to a non-corporate U.S. holder are eligible for a reduced rate of taxation.&nbsp;&nbsp;Dividends
received by a corporate U.S. holder may be eligible for a dividends received deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Sale or Exchange of the Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gain or loss realized on the sale, exchange or other disposition
of the Preferred Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares will equal the difference
between the amount realized on such sale, exchange or other disposition and the U.S. holder&rsquo;s adjusted tax basis in such
shares.&nbsp;&nbsp;Such gain or loss generally will be long-term capital gain or loss if the holder has held or is deemed to have
held the shares for more than one year on the date of disposition.&nbsp;&nbsp;Generally, net long-term capital gain of non-corporate
stockholders (including individuals) is eligible for a reduced rate of taxation.&nbsp;&nbsp;The deductibility of capital losses
is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Medicare Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A U.S. holder that is an individual or estate, or a trust that
does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser of (i) the U.S.
holder&rsquo;s &ldquo;net investment income&rdquo; for the relevant taxable year and (ii) the excess of the U.S. holder&rsquo;s
modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000
and $250,000, depending on the individual&rsquo;s circumstances).&nbsp;&nbsp;A holder&rsquo;s net investment income generally includes
its interest and dividend income, and its net gains from the disposition of stock and debt securities, unless such interest or
dividend income, or net gains, are derived in the ordinary course of the conduct of a trade or business (other than a trade or
business that consists of certain passive or trading activities).&nbsp;&nbsp;An individual, estate or trust should consult its
own tax advisor regarding the applicability of this tax to any income and gains in respect of an investment in the Preferred Shares,
Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Information Reporting and Backup Withholding</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When required, we will report to the holders of the Preferred
Shares, Preferred Conversion Shares, Note Conversion Shares and Additional Common Shares and the IRS dividends paid on or with
respect to such shares during each calendar year and the amount of tax, if any, withheld from such payments.&nbsp;&nbsp;A U.S.
holder will be subject to backup withholding on dividends paid on the shares and proceeds from the sale of the shares at the applicable
rate if the U.S. holder (i) fails to provide us with a correct taxpayer identification number or certification of exempt status
(such as certification of corporate status), (ii) has been notified by the IRS that it is subject to backup withholding as a result
of the failure to properly report payments of interest or dividends or (iii) in certain circumstances, has failed to certify under
penalty of perjury that such holder is not subject to backup withholding.&nbsp;&nbsp;A U.S. holder may be eligible for an exemption
from backup withholding by providing a properly completed IRS Form W-9 to us or our paying agent.&nbsp;&nbsp;Any amounts withheld
under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. holder&rsquo;s U.S. federal
income tax liability, provided that the required information is properly furnished to the IRS on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD><A NAME="a_016"></A><FONT STYLE="font-size: 10pt"><B>Non-U.S. Holders</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of certain U.S.
federal tax consequences that will apply to you if you are a non-U.S. holder of Preferred Shares, Preferred Conversion Shares,
Note Conversion Shares or Additional Common Shares.&nbsp;&nbsp;The term &ldquo;non-U.S. holder&rdquo; means a beneficial owner
of such shares that, for U.S. federal income tax purposes, is an individual, corporation, estate or trust that is not a U.S. holder
(as defined above under &ldquo;&mdash;U.S. Holders&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Conversion of the Preferred Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A non-U.S. holder who converts Preferred
Shares into shares of our common stock generally will not recognize any income, gain or loss. The non-U.S. holder&rsquo;s adjusted
tax basis in the Preferred Conversion Shares will equal such holder&rsquo;s adjusted basis in the Preferred Shares, and the non-U.S.
holder&rsquo;s holding period for the Preferred Conversion Shares will include the period during which such holder held the Preferred
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Dividends</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the discussion below regarding
the potential application of withholding tax rules, dividends paid on the Preferred Shares, Preferred Conversion Shares, Note Conversion
Shares or Additional Common Shares to a non-U.S. holder (including any deemed dividends) generally will be subject to a 30% U.S.
federal withholding tax, unless either: (i) an applicable income tax treaty reduces or eliminates such tax, and the non-U.S. holder
claims the benefit of that treaty by providing a properly completed IRS Form W-8BEN (or suitable successor or substitute form)
establishing qualification for benefits under the treaty, or (ii) the dividend is effectively connected with the non-U.S. holder&rsquo;s
conduct of a trade or business in the United States and the non-U.S. holder provides an appropriate statement to that effect on
a properly completed IRS Form W-8ECI (or suitable successor or substitute form).&nbsp;&nbsp;If dividends paid on the shares to
a non-U.S. holder are effectively connected with the non-U.S. holder&rsquo;s trade or business in the United States, the non-U.S.
holder will be required to pay U.S. federal income tax on that dividend on a net income basis (although exempt from the 30% withholding
tax provided the appropriate statement is provided to us) generally in the same manner as a U.S. holder.&nbsp;&nbsp;If a non-U.S.
holder is eligible for the benefits of an income tax treaty between the United States and its country of residence, any dividend
income that is effectively connected with a United States trade or business will be subject to U.S. federal income tax in the manner
specified by the treaty and generally will only be subject to such tax if such income is attributable to a permanent establishment
(or a fixed base in the case of an individual) maintained by the non-U.S. holder in the United States, and the non-U.S. holder
claims the benefit of the treaty by properly submitting an IRS Form W-8BEN (or suitable successor or substitute form).&nbsp;&nbsp;In
addition, a non-U.S. holder that is treated as a foreign corporation for U.S. federal income tax purposes may be subject to a branch
profits tax equal to 30% (or lower applicable treaty rate) of its earnings and profits for the taxable year, subject to adjustments,
that are effectively connected with such holder&rsquo;s conduct of a trade or business in the United States.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Dispositions of Preferred Shares, Preferred
Conversion Shares, Note Conversion Shares and Additional Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Generally, a non-U.S. holder will not be
subject to U.S. federal income tax on any gain realized upon the sale, exchange, repurchase, retirement or other disposition of
Preferred Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares (other than a conversion of the
Preferred Shares into Preferred Conversion Shares, which is addressed above) or the sale or exchange of such shares, unless (i)
such holder is an individual present in the United States for 183 days or more in the taxable year of the sale, exchange, repurchase,
retirement or other disposition and certain other conditions are met, (ii) the gain is effectively connected with the conduct of
a trade or business in the United States by the non-U.S. holder and, in the case of a treaty resident, attributable to a permanent
establishment (or, in the case of an individual, to a fixed base) in the United States, or (iii) we are or have been a U.S. real
property holding corporation (&ldquo;USRPHC&rdquo;), as defined in the Code, at any time within the 5-year period preceding the
disposition or the non-U.S. holder&rsquo;s holding period, whichever period is shorter.&nbsp;&nbsp;If the first exception applies,
the non-U.S. holder generally will be subject to tax at a 30% rate on the amount by which the United States-source capital gains
exceed capital losses allocable to United States sources.&nbsp;&nbsp;If the second exception applies, generally the non-U.S. holder
will be required to pay U.S. federal income tax on the net gain derived from the sale in the same manner as U.S. holders, as described
above.&nbsp;&nbsp;If a non-U.S. holder is eligible for the benefits of an income tax treaty between the United States and its country
of residence, any such gain will be subject to U.S. federal income tax in the manner specified by the treaty and generally will
only be subject to such tax if such gain is attributable to a permanent establishment (or a fixed base in the case of an individual)
maintained by the non-U.S. holder in the United States, and the non-U.S. holder claims the benefit of the treaty by properly submitting
an IRS Form W-8BEN (or suitable successor or substitute form).&nbsp;&nbsp;Generally, a corporation is a USRPHC if the fair market
value of its United States real property interests equals or exceeds 50% of the aggregate fair market value of the corporation&rsquo;s
worldwide real property interests and its other assets used or held for use in a trade or business.&nbsp;&nbsp;We have not made,
and do not intend to make, a determination regarding our potential status as a USRPHC.&nbsp;&nbsp;A non-U.S. holder should consult
its own tax advisor regarding our potential status as a USRPHC and the consequences of such status to such holder upon a disposition
of the Preferred Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, non-U.S. holders that are
treated for U.S. federal income tax purposes as corporations and that are engaged in a trade or business or have a permanent establishment
in the United States could be subject to a branch profits tax on such income at a 30% rate or a lower rate if so specified by an
applicable income tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>U.S. Federal Estate Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you are a non-U.S. holder and also are
not a resident of the United States (as specially defined for U.S. federal estate tax purposes) at the time of your death, the
U.S. federal estate tax will not apply to shares owned by you at the time of your death, provided that at the time of your death,
you do not own, actually or constructively, 10% or more of the total combined voting power of all classes of our stock entitled
to vote.&nbsp;&nbsp;However, shares held by you at the time of your death will be included in your gross estate for U.S. federal
estate tax purposes unless an applicable estate tax treaty provides otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Information Reporting and Backup Withholding</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">When required, we will report to the IRS and to each non-U.S.
holder the amount of any dividends paid on our Preferred Shares or shares of common stock in each calendar year, and the amount
of tax withheld, if any, with respect to these dividends.&nbsp;&nbsp;Non-U.S. holders who have provided the forms and certification
referenced above or who have otherwise established an exemption generally will not be subject to backup withholding tax if we have
actual knowledge or reason to know that any information in those forms and certification is unreliable or that the conditions of
the exemption are in fact not satisfied.&nbsp;&nbsp;Backup withholding is not an additional tax.&nbsp;&nbsp;The amount of any backup
withholding from a payment to a non-U.S. holder will be allowed as a credit against such holder&rsquo;s U.S. federal income tax
liability and may entitle the holder to a refund, provided that the required information is properly furnished to the IRS on a
timely basis.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0in; text-align: justify"><A NAME="a_017"></A><FONT STYLE="font-size: 10pt"><B>Foreign
Account Tax Compliance Withholding</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Foreign Account Tax Compliance
Act (&ldquo;FATCA&rdquo;), gross proceeds from the sale, exchange or other disposition of any Preferred Shares, Preferred Conversion
Shares, Note Conversion Shares or Additional Common Shares realized by, and dividends paid (including any deemed dividends) on
the Preferred Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares to certain non-U.S. persons,
including certain foreign financial institutions and investment funds, could be subject to a 30% withholding tax unless such non-U.S.
person complies with certain requirements, including reporting requirements regarding its direct and indirect U.S. owners and/or
U.S. account holders.&nbsp; Such withholding could apply to payments made to a non-U.S. person regardless of whether the non-U.S.
person is the beneficial owner of any Preferred Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common
Shares or holds Preferred Shares, Preferred Conversion Shares, Note Conversion Shares or Additional Common Shares for the account
of others.&nbsp; The Treasury Secretary has issued proposed regulations providing that the withholding provisions of FATCA do
not apply with respect to payments of gross proceeds from a sale, redemption or other disposition of the Preferred Shares, Preferred
Conversion Shares, Note Conversion Shares or Additional Common Shares, which may be relied upon by taxpayers until final regulations
are issued.&nbsp; In addition, non-U.S. persons located in jurisdictions that have an intergovernmental agreement with the United
States regarding FATCA may be subject to different rules.&nbsp; Potential investors are encouraged to consult with their tax advisors
regarding the possible implications of FATCA on an investment in the Preferred Shares, Preferred Conversion Shares, Note Conversion
Shares or Additional Common Shares.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_018"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain legal matters in connection with
the issuance of the securities offered under this prospectus will be passed upon for us by Greenberg Traurig, LLP, Los Angeles,
California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_019"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The financial statements and management&rsquo;s
assessment of the effectiveness of internal control over financial reporting (which is included in Management&rsquo;s Report on
Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2019 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an
independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_020"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the Securities and Exchange
Commission a registration statement on Form S-3, including exhibits, under the Securities Act of 1933, as amended, with respect
to the common stock offered by this prospectus.&nbsp;&nbsp;This prospectus, which is part of the registration statement, does not
contain all of the information in the registration statement.&nbsp;&nbsp;For further information about us and our common stock,
you should refer to the registration statement, including exhibits, and the financial statements and notes filed as a part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We file quarterly and annual reports, proxy
statements and other information with the Commission.&nbsp; Our filings with the Commission, including the registration statement,
reports, proxy and information statements, and other information are available to you on the Commission&rsquo;s website at http://www.sec.gov.&nbsp;&nbsp;In
addition, documents that we file with the Commission are available on our website at www.cadizinc.com. Our website address provided
in this prospectus is not intended to function as a hyperlink and the information on our website is not, nor should it be considered,
part of this prospectus or incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_021"></A><B>INFORMATION INCORPORATED BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Commission allows us to &ldquo;incorporate
by reference&rdquo; into this prospectus the information we file with them.&nbsp;&nbsp;The information we incorporate by reference
into this prospectus is an important part of this prospectus.&nbsp;&nbsp;Any statement in a document we have filed with the Commission
prior to the date of this prospectus and which is incorporated by reference into this prospectus will be considered to be modified
or superseded to the extent a statement contained in the prospectus or any other subsequently filed document that is incorporated
by reference into this prospectus modifies or supersedes that statement.&nbsp;&nbsp;The modified or superseded statement will not
be considered to be a part of this prospectus, except as modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We incorporate by reference into this prospectus
the information contained in the following documents, which is considered to be a part of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000011/form10k_dec2019.htm">Form&nbsp;10-K</A> for the year ended December&nbsp;31, 2019, filed on March&nbsp;13,
2020;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">the Current Reports on Form 8-K filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000002/form8k_feb20.htm">February 3, 2020</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000004/form8k_jan20.htm">February 20, 2020</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020005682/ea119370-8k_cadizinc.htm">March 9, 2020</A>; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-weight: normal">the description of our common stock as set forth in Exhibit 4.3 to the Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000011/exh4-3.htm">Form 10-K</A> for the year ended December 31, 2019, filed on March 13, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also incorporate by reference all additional
documents that we file with the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act that are filed
after the date of the initial registration statement and prior to the effectiveness of the registration statement or that are filed
after the effective date of the registration statement of which this prospectus is a part and prior to the termination of the offering
of securities offered pursuant to this prospectus.&nbsp;&nbsp;We are not, however, incorporating in each case, any documents or
information that we are deemed to &ldquo;furnish&rdquo; and not file in accordance with the Commission rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You may obtain a copy of these filings,
without charge, by writing or calling us at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cadiz Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">550 South Hope Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite 2850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Los Angeles, California&nbsp;90071</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention:&nbsp;&nbsp;Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(213) 271-1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No dealer, salesperson, or other person
has been authorized to give any information or to make any representation not contained in this prospectus, and, if given or made,
such information and representation should not be relied upon as having been authorized by us or any selling shareholder.&nbsp;&nbsp;This
prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered by this prospectus
in any jurisdiction or to any person to whom it is unlawful to make such offer or solicitation.&nbsp;&nbsp;Neither the delivery
of this prospectus nor any sale made hereunder shall under any circumstances create an implication that there has been no change
in the facts set forth in this prospectus or in our affairs since the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 14.&nbsp;&nbsp;Other Expenses of Issuance and Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We estimate that expenses in connection
with the distribution described in this registration statement will be as shown below.&nbsp;&nbsp;All expenses incurred with respect
to the distribution, except for fees of counsel, if any, retained individually by a selling securityholder and any discounts or
commissions payable with respect to sales of the shares, will be paid by us.&nbsp;&nbsp;See &ldquo;Plan of Distribution&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Accountant Fees and Expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">15,000.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SEC Filing Fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,220.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,000.00</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">98,220.90</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 15.&nbsp;&nbsp;Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;145 of the Delaware General
Corporation Law permits our Board of Directors to indemnify any person against expenses, attorneys&rsquo; fees, judgments, fines
and amounts paid in settlement actually and reasonably incurred by him in connection with any threatened, pending or completed
action, suit or proceeding in which he is made a party because he serves or served as a director, officer, employee or agent of
Cadiz or of another entity.&nbsp;&nbsp;The language of Section&nbsp;145 is sufficiently broad to permit indemnification in some
situations for liabilities, including reimbursement for expenses incurred, arising under the Securities Act of 1933, as amended.&nbsp;&nbsp;The
statute provides that indemnification pursuant to its provisions is not exclusive of other rights of indemnification to which a
person may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Bylaws provide for mandatory indemnification
of directors and officers of Cadiz, and those serving at the request of Cadiz as directors, officers, employees, or agents of other
entities, to the maximum extent permitted by law.&nbsp;&nbsp;The Bylaws provide that this indemnification shall be a contract right
between each of these persons and Cadiz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Certificate of Incorporation provides
that a director of the company shall not be personally liable to the company or its stockholders for monetary damages for breach
of fiduciary duty as a director, except for liability:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">for any breach of the director&rsquo;s duty of loyalty
to Cadiz or its stockholders;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">under Section&nbsp;174 of the Delaware General Corporation
Law; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">for any transaction from which the director derived an
improper personal benefit.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Certificate of Incorporation provides
that if the Delaware General Corporation Law is subsequently amended to authorize the further elimination or limitation of the
liability of a director, then the liability of a director shall be eliminated or limited to the fullest extent permitted by the
law as amended.&nbsp;&nbsp;We have also purchased a liability insurance policy which insures our directors and officers against
certain liabilities, including liabilities under the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 16.&nbsp;&nbsp;Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following exhibits are filed or incorporated
by reference as part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="width: 91%"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000011/exh3-1.htm"><FONT STYLE="font-size: 10pt">Cadiz Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 13, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000011/exh3-2.htm"><FONT STYLE="font-size: 10pt">Cadiz Bylaws, as amended (incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 13, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020005682/ea119370ex3-1_cadizinc.htm"><FONT STYLE="font-size: 10pt">Certificate of Designation of Series 1 Preferred Stock of Cadiz Inc. (incorporated by reference to Exhibit 3.3 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 13, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; background-color: white"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/0000727273-98-000023.txt">Specimen form of stock certificate (incorporated by reference to Exhibit 4 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30, 1998 filed with the Commission on November 13, 1998).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020007150/ea119844ex5-1_cadiz.htm">Opinion of Greenberg Traurig, LLP**</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Independent Registered Public Accounting Firm*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020007150/ea119844ex5-1_cadiz.htm">Consent of Greenberg Traurig, LLP (included in its opinion filed as Exhibit 5.1)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020007150/ea119844-s3_cadizinc.htm#PA">Power of Attorney **</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD>Filed herewith.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> ** </TD><TD> Previously filed. </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 17.&nbsp;&nbsp;Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned registrant
hereby undertakes:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To file, during any
period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To include any prospectus
required by section&nbsp;10(a)(3) of the Securities Act of 1933;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement.&nbsp;&nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in
the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set
forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Provided, however, that paragraphs&nbsp;(a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) do not apply if the registration statement is on Form&nbsp;S-3, and the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant
pursuant to section&nbsp;13 or section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
the registration statement, or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b) that is part of this registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">That, for the purpose
of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[Intentionally omitted].</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">That, for the purpose
of determining liability under the Securities Act of 1933 to any purchaser:</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">If the registrant is
subject to Rule&nbsp;430C, each prospectus filed pursuant to Rule&nbsp;424(b) as part of a registration statement relating to
an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A,
shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.&nbsp;&nbsp;Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in
a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any
statement that was made in the registration statement or prospectus that was part of the registration statement or made in any
such document immediately prior to such date of first use.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[Intentionally omitted].</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[Intentionally omitted].</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The undersigned registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s
annual report pursuant to section&nbsp;13(a) or section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to section&nbsp;15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.&nbsp;&nbsp;In
the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed
by the final adjudication of such issue.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="PA"></A><B>SIGNATURES</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> 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-3 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 April&nbsp;10, 2020. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CADIZ INC.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Registrant</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">/s/ Timothy J. Shaheen</P>


</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Timothy J. Shaheen&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Name and Position</B></FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Date</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"> &nbsp; </TD>
    <TD STYLE="width: 44%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 20%; text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Keith Brackpool, Chairman</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Scott Slater</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Scott Slater, Chief Executive Officer, President and Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">/s/ Timothy J. Shaheen</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Timothy J. Shaheen, Chief Financial Officer</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Geoffrey T. Grant, Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Winston H. Hickox, Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Murray H. Hutchison, Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Stephen E. Courter, Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Richard Nevins, Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">April 10, 2020</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Carolyn Webb de Macias, Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> * </TD><TD> Signed by Timothy J. Shaheen as Attorney-in-Fact </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Index to Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; width: 10%; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Exhibit <BR>
No.:</B></P></TD>
    <TD STYLE="padding-left: 0; width: 1%; padding-bottom: 0"></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0; width: 89%; padding-left: 0; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title of Document</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000011/exh3-1.htm"><FONT STYLE="font-size: 10pt">Cadiz Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 13, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727320000011/exh3-2.htm"><FONT STYLE="font-size: 10pt">Cadiz Bylaws, as amended (incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 13, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020005682/ea119370ex3-1_cadizinc.htm"><FONT STYLE="font-size: 10pt">Certificate of Designation of Series 1 Preferred Stock of Cadiz Inc. (incorporated by reference to Exhibit 3.3 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 13, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt; background-color: white"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/0000727273-98-000023.txt">Specimen form of stock certificate (incorporated by reference to Exhibit 4 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30, 1998 filed with the Commission on November 13, 1998).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020007150/ea119844ex5-1_cadiz.htm">Opinion of Greenberg Traurig, LLP**</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="ea120580ex23-1_cadiz.htm" STYLE="-sec-extract: exhibit">Consent of Independent Registered Public Accounting Firm*</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020007150/ea119844ex5-1_cadiz.htm">Consent of Greenberg Traurig, LLP (included in its opinion filed as Exhibit 5.1)</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390020007150/ea119844-s3_cadizinc.htm#PA">Power of Attorney**</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD>Filed herewith.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> ** </TD><TD> Previously filed. </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">23</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ea120580ex23-1_cadiz.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;<IMG SRC="ex23-1_001.jpg" ALT=""></B>&nbsp;</P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby consent to the incorporation by reference
in this Amendment No. 1 to the Registration Statement on Form S-3 <FONT STYLE="color: windowtext">of Cadiz Inc. of our report dated
March 13, 2020 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears
in Cadiz Inc.&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2019. We also consent to the reference to us under
the heading &ldquo;Experts&rdquo; in such Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Los Angeles, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 10, 2020</P>



<P STYLE="margin: 0"><B>&nbsp;</B></P>

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