Safe and Green Development Corporation (SG DevCo), listed on NASDAQ under the symbol SGD, has announced the completion of a 1-for-20 reverse stock split effective as of October 8, 2024. The reverse split was approved by the company's stockholders on July 2, 2024, and later by the Board of Directors, with the aim of complying with Nasdaq's minimum bid price requirement. As a result of the reverse split, the number of outstanding shares of common stock has been reduced from approximately 19 million to about 1 million, with fractional shares to be paid out in cash based on the average closing sales price of the common stock on Nasdaq for the ten days preceding the effective date. The company's CUSIP number has also...Show More

Safe and Green Development Corporation (SG DevCo), listed on NASDAQ under the symbol SGD, has announced the completion of a 1-for-20 reverse stock split effective as of October 8, 2024. The reverse split was approved by the company's stockholders on July 2, 2024, and later by the Board of Directors, with the aim of complying with Nasdaq's minimum bid price requirement. As a result of the reverse split, the number of outstanding shares of common stock has been reduced from approximately 19 million to about 1 million, with fractional shares to be paid out in cash based on the average closing sales price of the common stock on Nasdaq for the ten days preceding the effective date. The company's CUSIP number has also changed to 78637J204 post-split. SG DevCo's transfer agent, Equiniti Trust Company, LLC, will provide instructions to stockholders regarding the exchange of their shares. The reverse split is intended to make the company's stock price more attractive to a broader range of investors and to maintain the company's listing on the Nasdaq Capital Market.