Safe & Green subsidiary to spin-off thirty percent of company to stockholders

Safe & Green announced that the company’s subsidiary, SGB Development Corp. has changed its name to Safe and Green Development , and that the company further intends to spin-off thirty percent of Safe and Green Development to the company’s stockholders, to form an independent, publicly traded company. The company intends to spin-off thirty percent of Safe and Green Development Corporation to focus on its core competency of commercial and residential real estate while supporting the future growth and profitability of both companies. With the spin-off, Safe and Green Development Corporation and its parent company, Safe & Green Holdings Corporation, intend to provide clarity to investors regarding the business model and characteristics of each company and unlock significant shareholder value. Safe & Green Development Corp. will have an independent board of directors, with Paul Galvin serving as executive chairman.