<SEC-DOCUMENT>0001213900-20-009007.txt : 20200527
<SEC-HEADER>0001213900-20-009007.hdr.sgml : 20200527
<ACCEPTANCE-DATETIME>20200410173459
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-20-009007
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		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:		CORRESP

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

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

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

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>SUBMISSION VIA EDGAR</U></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">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Attn:</TD><TD>Ms. Anuja A. Majmudar</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Ms. Laura Nicholson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="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: 0.5in"><B>Re:</B></TD><TD><B>Cadiz Inc.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><B>Registration Statement on Form
S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><B>Filed March 23, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><B>File No. 333-237352 </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">Ladies and Gentlemen:</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">This letter is submitted by Cadiz Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in response to the comments of the staff of the Division of Corporation
Finance (the &ldquo;<U>Staff</U>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
with respect to the Registration Statement on Form S-3 (the &ldquo;<U>Registration Statement</U>&rdquo;) submitted by the Company
to the Commission on March 23, 2020, as set forth in your letter dated April 6, 2020 addressed to Mr. Timothy J. Shaheen, Chief
Financial Officer of the Company (the &ldquo;<U>Comment Letter</U>&rdquo;). The Company is concurrently submitting to the Commission
Amendment No. 1 to the Registration Statement, which includes changes that reflect responses to the Staff&rsquo;s comments. In
addition to addressing the Staff&rsquo;s comments in the Comment Letter, the Company has revised the Registration Statement to
update certain other disclosures.</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">The headings and numbered paragraphs of
this letter correspond to the same contained in the Comment Letter, and to facilitate your review, the text of the Comment Letter
has been reproduced herein in italicized font, followed by the Company&rsquo;s response to each comment.</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">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal"><U>Registration Statement
on Form S-3 filed March 23, 2020</U></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left"><I>We note that there is no established
                                         public trading market for your shares of Series 1 Preferred Stock and that you do not
                                         intend to apply to list them on any securities exchange or automated quotation system.
                                         Please revise your prospectus to disclose a fixed price at which the selling stockholders
                                         will be reselling their shares of Series 1 Preferred Stock. Please refer to Schedule
                                         A, Paragraph 16 and Item 501(b)(3) of Regulation S-K.</I></TD></TR></TABLE>

<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-weight: normal"><U>Response
to Comment #1</U>:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">We acknowledge the Commission&rsquo;s
request that we revise the prospectus contained in the Registration Statement to disclose a fixed price at which the selling securityholders
will be reselling their shares of Series 1 Preferred Stock, or the Preferred Shares. However, the Company respectfully advises
the Staff that Instruction 2 to Item 501(b)(3) of Regulation S-K provides that &ldquo;if it is impracticable to state the price
to the public&rdquo; the issuer must &ldquo;explain the method by which the price is to be determined.&rdquo; Because the Preferred
Shares may be resold to the public by the selling securityholders at various times and in various privately negotiated manners,
it is impracticable for the Company to state in the Registration Statement the price at which the Preferred Shares will be sold
to the public.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
Company respectfully advises the Staff that the outside cover page to the prospectus contained in the Registration Statement,
as originally filed, contains the following disclosure: &ldquo;The selling securityholders may sell the shares covered by this
prospectus from time to time through any of the means described in the section of this prospectus entitled &ldquo;Plan of Distribution.&rdquo;
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 prevailing market price for the shares or in negotiated transactions. The prices at which
the selling securityholders may sell the Preferred Shares will be determined in negotiated transactions.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The
section of the prospectus contained in the Registration Statement entitled &ldquo;Plan of Distribution&rdquo;, as originally filed,
explains that the shares covered by the prospectus may be resold from time to time by the holders thereof &ldquo;on one or more
exchanges or in the over-the-counter market or otherwise, at prices and under terms then prevailing or at prices related to the
then current market price or in negotiated transactions.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-weight: normal">Notwithstanding
the foregoing, the Company respectfully advises the Staff that it has updated the disclosure on the cover page of the prospectus
contained in the Registration Statement to more prominently disclose that the price at which the Preferred Shares may be resold
is uncertain and will be determined as described in the sections entitled &ldquo;Determination of Offering Price&rdquo; and &ldquo;Plan
of Distribution.&rdquo; Accordingly, the Company has added a section entitled &ldquo;Determination of Offering Price&rdquo; and
revised the section entitled &ldquo;Plan of Distribution&rdquo; to emphasize that, because there is no public trading market for
the Preferred Shares and no public trading market for the Preferred Shares is expected to develop, and the Company does not plan
to apply to list the Preferred Shares on any securities exchange, quotation system or other recognized trading system, the prices
at which the Preferred Shares may be resold will be determined in privately negotiated transactions and will depend on the manner
and timing of such sale, though in any event such prices likely will be derived from the market price of the shares of the Company&rsquo;s
common stock on the Nasdaq Global Market at the time of sale.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: left"><I>We note that you incorporate by reference
                                         your Form 10-K for the fiscal year ended December 31, 2019 and that such report incorporates
                                         by reference information from your definitive proxy statement, which has not yet been
                                         filed. Prior to requesting acceleration of the effectiveness of this registration statement,
                                         please either amend the Form 10-K to include information required by Part III of Form
                                         10-K or file the definitive proxy statement. Please refer to Compliance and Disclosure
                                         Interpretations, Securities Act Forms Question 123.01 for guidance.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Response to Comment
#2</U>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Staff&rsquo;s
comment is noted. The Company will file the definitive proxy statement relating to its 2020 annual meeting of shareholders prior
to requesting acceleration of the effectiveness of the Registration Statement.</P>

<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Staff needs any additional information
or has any questions regarding the foregoing responses, please do not hesitate to contact the Company&rsquo;s counsel, Mr. Kevin
Friedmann at (310) 586-7747 or Ms. Laurie Green at (954) 768-8232.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 279.35pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Timothy J. Shaheen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Timothy J. Shaheen,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Kevin Friedmann, Esq., Greenberg Traurig, LLP</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Laurie Green, Esq., Greenberg Traurig,
LLP</P>

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



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