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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
August 29, 2023
Date of Report (date of earliest event reported)
Limoneira Company
(Exact Name of Registrant as Specified in
its Charter)
Delaware |
|
001-34755 |
|
77-0260692 |
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification Number) |
1141 Cummings Road
Santa Paula, CA 93060
(Address of Principal Executive Offices) (Zip
Code)
(805) 525-5541
(Registrant’s Telephone Number, Including
Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered |
Common Stock, par value $0.01 per share |
LMNR |
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ¨
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 13(a) of the Exchange Act. ¨
On August 29, 2023, Limoneira
Company, a Delaware corporation (the “Company”), issued a press release announcing its entry into a water fallowing conservation
program with Yuma Mesa Irrigation and Drainage District and the United States Bureau of Reclamation. The foregoing description of the
press release is qualified entirely by reference to the complete text of the press release furnished as Exhibit 99.1 hereto and incorporated
herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 29, 2023 |
LIMONEIRA COMPANY |
|
|
|
By: |
/s/ Mark Palamountain |
|
|
Mark Palamountain |
|
|
Chief Financial Officer and Treasurer |
Exhibit 99.1
Limoneira
Capitalizes on Water Fallowing Conservation Program with Yuma
Mesa Irrigation and Drainage District and the United States Bureau of
Reclamation
Fallowing Program will
Compensate the Company for Diverting Water Back to the Colorado River
SANTA PAULA, Calif.—August
29, 2023 – Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing,
packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced that
it has entered into an initial fallowing program with Yuma Mesa Irrigation and Drainage District (“YMIDD”) and the United
States Bureau of Reclamation (“BOR”) and will commit to fallow owned land through, at least, calendar 2025.
The Company expects to
receive approximately $1.32 million annually, paid in quarterly installments, for fallowing 581 acres out of its 1,300 acres of farmland
in Yuma, Arizona. YMIDD will refrain from diverting Colorado River water that otherwise would have been used to irrigate fallowed lands
so that the saved water may be retained in Lake Mead as Colorado River System Conservation Water, increasing the supply and elevation
of Lake Mead and helping to avoid water shortages in Arizona and the lower basin.
Harold Edwards, President
and Chief Executive Officer of Limoneira, stated, “Even after the recent non-strategic asset sales, we continue to manage approximately
11,100 acres of land with approximately 21,000-acre feet of owned water, usage and pumping rights. We are finding great monetization opportunities
for our water assets by either fallowing acreage, leasing pumping rights or selling the water rights for significant appreciation over
our investments. We believe this water monetization in Yuma, Arizona is just the beginning of additional future opportunities for our
abundant water assets.”
Mr. Edwards continued,
“We spent many years of striving to improve our stewardship of water on all of our properties and this has enabled us to reduce
our usage and increase our available water for future monetization opportunities.”
About Limoneira Company
Limoneira Company, a 130-year-old international
agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world.
Limoneira (lē moñ âra) is a dedicated sustainability company with 11,100 acres of rich agricultural lands, real estate
properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados, and other
crops that are enjoyed throughout the world. For more about Limoneira Company, please visit www.limoneira.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events
and can be identified by terms such as “expect,” “may,” “anticipate,” “intend,” “should
be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations
reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements.
Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions
you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those
foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies
and managing the risks involved in the foregoing; additional impacts from the current COVID-19 pandemic, changes in laws, regulations,
rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh
product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations;
disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures;
pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities;
political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of
important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive
covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock.
Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s
website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made
in this press release, except as required by law.
Investors
John Mills
Managing Partner
ICR 646-277-1254
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