Safe & Green Holdings Corp. Completes Spin-Off of Safe and Green Development Corporation
28 September 2023 - 10:30PM
Business Wire
Safe and Green Development Corporation to begin
“regular-way” trading on the Nasdaq Stock Market today, under
ticker “SGD”
Safe & Green Holdings Corp. to continue
trading on Nasdaq under ticker “SGBX”
Safe & Green Holdings Corp. (NASDAQ: SGBX) (“SG Holdings”
or the “Company”), a leading developer, designer, and
fabricator of modular structures for residential, commercial, and
point-of-care medicine, today announced it has completed the
spin-off of its real estate development subsidiary, Safe and
Green Development Corporation (NASDAQ: SGD) (“SG DevCo”).
Starting today, SG DevCo will begin “regular-way” trading on Nasdaq
under the symbol “SGD.”
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the full release here:
https://www.businesswire.com/news/home/20230928829886/en/
SG DevCo, as a standalone entity, will be led by President &
CEO, David Villarreal, and Chief Financial Officer, Nicolai Brune.
Paul Galvin, Chairman and CEO of SG Holdings, will serve as
Chairman of the SG DevCo Board. SG DevCo also has a board of
directors with a majority of its members being independent.
Paul Galvin stated, “Today is the culmination of a year of hard
work by our team. We are thrilled to have reached the finish line
for the spin-off of SG DevCo as a separate, publicly traded
company. We believe we are unlocking value for our existing SG
Holdings stockholders that had not been reflected in the market. As
we step into this new chapter, our enthusiasm for the potential
growth and overall prospects for both companies could not be
greater. I would like to thank all of our team members for their
tremendous work making this milestone achievement possible,
including our investment bankers, Maxim Group, who have advised us
throughout this process, as well as our legal counsel at Blank
Rome."
David Villarreal commented, “Today is an incredibly exciting day
for SG DevCo as we become a separate, publicly traded company. SG
DevCo’s outlook is exceptionally bright, with a current project
pipeline exceeding $800 million and plans to develop more than
4,000 units. As a result, we are highly encouraged about what lies
ahead.”
Holders of SG Holdings common stock received 0.930886 shares of
SG DevCo common stock for every five (5) shares of SG Holdings
common stock held on September 8, 2023, the record date for the
distribution. In lieu of fractional shares of SG DevCo,
stockholders of SG Holdings will receive cash. SG Holdings common
stock will continue to trade on Nasdaq under the ticker symbol
“SGBX.”
Maxim Group LLC acted as financial advisor to the Company in
connection with the spin-off and listing of SG DevCo.
About Safe & Green Holdings Corp.
Safe & Green Holdings Corp., a leading modular solutions
company, operates under core capabilities which include the
development, design, and fabrication of modular structures, meeting
the demand for safe and green solutions across various industries.
The firm supports third-party and in-house developers, architects,
builders, and owners in achieving faster execution, greener
construction, and buildings of higher value. For more information,
visit https://www.safeandgreenholdings.com/ and follow us at
@SGHcorp on Twitter.
About Safe and Green Development Corporation
Safe and Green Development Corporation is a leading real estate
development company. Formed in 2021, it focuses on the development
of sites using purpose-built, prefabricated modules built from both
wood and steel, sourced from one of SG Holdings’ factories operated
by SG Holdings’ SG Echo subsidiary. More information about SG DevCo
can be found at www.sgdevco.com.
Safe Harbor Statement
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. These forward-looking
statements are based upon current estimates and assumptions and
include statements regarding unlocking value for SG Holdings
shareholders that had not been reflected in the market; the trading
of SG DevCo and SG Holdings common stock; the potential growth and
overall prospects for both companies; SG DevCo’s outlook being
exceptionally bright; SG DevCo’s current project pipeline exceeding
$800 million; and plans to develop more than 4,000 units. While SG
Holdings and SG DevCo believe these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include but are not limited to
those factors discussed in SG Holdings’ Annual Report on Form 10-K
for the year ended December 31, 2022 and its subsequent filings
with the SEC, including subsequent periodic reports on Forms 10-Q
and 8-K and in the Form 10 registration statement filed by SG
DevCo. The information in this release is provided only as of the
date of this release, and we undertake no obligation to update any
forward-looking statements contained in this release on account of
new information, future events, or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230928829886/en/
Investor Relations: Crescendo Communications, LLC
212-671-1020 SGBX@crescendo-ir.com
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