Safe & Green: SG DevC unit ‘moving towards completion,’ final review in early Q3

Safe & Green Holdings announced that the Company’s spin-off of its real estate development subsidiary, SG DevCo, is moving towards completion as the Company has conducted due diligence and submitted its regulatory filings necessary to complete the spin-off. The Company is now awaiting final review and approval of the transaction by the appropriate regulatory bodies, which it expects to receive early in the third quarter of 2023. Once the transaction receives final regulatory approval, the Company 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. 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…”The planned spin-out of SG DevCo is progressing, and we expect this transaction will be a transformative event for our shareholders,” commented David Villarreal, CEO of SG DevCo. ..Given our substantial asset base and projections, as well as our recent history of creative, non-dilutive funding, we believe this strategy will unlock significant value for shareholders.” The Company will provide further updates regarding the anticipated Nasdaq record and listing dates when available. “