Safe & Green sets new record date of September 8 for upcoming spin-off

Safe & Green Holdings provided an update on the planned spin-off of Safe & Green Development the Company’s real estate development subsidiary, to become a standalone company listed on Nasdaq. The Company has set a new record date of September 8, for the Company’s upcoming spin-off. Paul Galvin, Chairman, and CEO stated, “We continue to make progress on the planned spin-off of SG DevCo. We remain steadfast in our plan, which would result in us distributing thirty percent of SG DevCo to our current, loyal stockholders, with Safe & Green Holdings retaining seventy percent. Each investor’s pro rata percentage of Safe & Green Holdings will remain unchanged following the spin-off. Given the fact that a third-party fairness opinion has valued SG DevCo’s fair market value at $74M, well above the market cap of Safe & Green Holdings, we believe this spin-off will unlock significant value for stockholders.” David Villarreal, President & CEO of Safe and Green Development Corporation commented, “I believe the prospects for Safe and Green Development Corporation have never been greater. As previously reported, SG DevCo currently has a project pipeline in excess of $800M over a 7-year span, and although market conditions can fluctuate, we project returns in excess of $200M on these projects. We believe this transaction is in the best interests of stockholders.”