Safe and Green Development Corporation (SG DevCo) has announced a series of significant corporate events, including a proposed reverse stock split and a private placement offering with Peak One Opportunity Fund, L.P. (Peak One). The reverse stock split, subject to shareholder approval, would consolidate existing shares of common stock at a ratio ranging from 1-for-2 to 1-for-20, with the exact ratio to be determined by the Board of Directors. This move aims to increase the per-share trading price of SG DevCo's stock to comply with Nasdaq's minimum bid price requirement. Concurrently, SG DevCo has entered into a Securities Purchase Agreement (SPA) with Peak One, which involves the issuance of convertible debentures, warrants, and commitment shares in...Show More

Safe and Green Development Corporation (SG DevCo) has announced a series of significant corporate events, including a proposed reverse stock split and a private placement offering with Peak One Opportunity Fund, L.P. (Peak One). The reverse stock split, subject to shareholder approval, would consolidate existing shares of common stock at a ratio ranging from 1-for-2 to 1-for-20, with the exact ratio to be determined by the Board of Directors. This move aims to increase the per-share trading price of SG DevCo's stock to comply with Nasdaq's minimum bid price requirement. Concurrently, SG DevCo has entered into a Securities Purchase Agreement (SPA) with Peak One, which involves the issuance of convertible debentures, warrants, and commitment shares in three tranches. The first two tranches have been completed, with the potential for a third tranche subject to mutual agreement. The transactions require shareholder approval as they may result in the issuance of shares exceeding 20% of SG DevCo's common stock, triggering Nasdaq's shareholder approval rules. The company seeks shareholder votes on these matters at the Annual Meeting of Stockholders scheduled for July 2, 2024.