Safe & Green announces SEC approval of SG DevCo spinoff

Safe & Green Holdings announced that the company received the SEC approval of its Form 10, the General Form for Registration of Securities, used to register a class of securities for potential trading on U.S. exchanges necessary to spin-off of its real estate development subsidiary, SG DevCo. The company is now awaiting final review and approval of the transaction by Nasdaq, which it expects to receive early in the third quarter of 2023. Once the transaction receives Nasdaq approval, the company said it will move forward with its plan to list SG DevCo on the Nasdaq exchange by announcing a record date and anticipated listing date, within approximately 30 days of Nasdaq’s approval of the transaction. The spin-off and subsequent listing on the Nasdaq exchange are expected to be completed in the third quarter of 2023. The company plans to distribute thirty percent of SG DevCo to its current shareholders, with Safe & Green Holdings retaining seventy percent, creating significant value for existing shareholders. “This approval is significant for SG DevCo as it moves us one step closer to becoming a standalone, publicly traded company,” David Villarreal, CEO of SG DevCo noted. “This spin-off will only further fuel SG DevCo’s growth and unique position within the real estate development ecosphere.”