Safe & Green provides update on planned spinoff of SG DevCo

Safe & Green provided an update on the planned spinoff of Safe & Green Development Corp to become a standalone company listed on Nasdaq, and the process for distribution of SG DevCo shares to Safe & Green Holdings shareholders. As previously announced, the company plans to distribute 30% of SG DevCo to its current shareholders, with Safe & Green Holdings retaining 70%. A third-party fairness opinion has valued SG DevCo’s fair market value at $74M. The company is awaiting final review and approval of the transaction by Nasdaq, which it expects to receive in the coming weeks. Once the transaction receives Nasdaq approval, the company will move forward with its plan to list SG DevCo on the Nasdaq exchange by announcing the record date and anticipated listing date, within approximately 30 days of Nasdaq’s approval of the transaction. Safe & Green Holdings plans to distribute the shares of SG DevCo on the distribution date to holders of record as of the close of business on the yet-to-be-announced record date. The distribution is expected to be completed following the Nasdaq market closing on the Distribution Date. Safe & Green Holdings’ transfer agent and registrar, American Stock Transfer and Trust Company, LLC, will serve as transfer agent and registrar for SG DevCo as well, and act as distribution agent in connection with the Distribution.