Safe and Green Development Corporation (SG DevCo), a real estate development company, has announced a series of financial and corporate developments. The company, which specializes in green single or multi-family projects, has not generated revenue since inception and has been reliant on its parent company, Safe & Green Holdings Corp. (SG Holdings), for funding. SG DevCo has been involved in property acquisitions and holds minority interests in two entities with development projects. In December 2022, SG Holdings announced plans to separate SG DevCo into a standalone publicly traded company. The separation was effected through a pro rata distribution of approximately 30% of SG DevCo's common stock to SG Holdings' stockholders. Following the distribution, SG DevCo's common stock began trading on...Show More

Safe and Green Development Corporation (SG DevCo), a real estate development company, has announced a series of financial and corporate developments. The company, which specializes in green single or multi-family projects, has not generated revenue since inception and has been reliant on its parent company, Safe & Green Holdings Corp. (SG Holdings), for funding. SG DevCo has been involved in property acquisitions and holds minority interests in two entities with development projects. In December 2022, SG Holdings announced plans to separate SG DevCo into a standalone publicly traded company. The separation was effected through a pro rata distribution of approximately 30% of SG DevCo's common stock to SG Holdings' stockholders. Following the distribution, SG DevCo's common stock began trading on the Nasdaq Capital Market under the symbol 'SGD'. SG DevCo has also entered into agreements with Peak One for a private placement offering and an equity purchase agreement, which include the issuance of convertible debentures, warrants, and commitment shares. Additionally, SG DevCo has engaged in financing activities, including bridge note financing and securing loans secured by its property assets. The company has also adopted a 2023 Incentive Compensation Plan and entered into various agreements related to its separation from SG Holdings, including a tax matters agreement and a shared services agreement.