Safe and Green Development Corporation (SG DevCo) has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed public offering of up to 10,607,667 units. Each unit consists of either one share of common stock or one pre-funded warrant to purchase one share of common stock, and one common warrant to purchase one share of common stock. The offering is on a best-efforts basis with no minimum proceeds requirement and is expected to close on June 30, 2024, unless terminated earlier at SG DevCo's discretion. The units are offered at an assumed price of $0.6599 per unit, equivalent to the closing price of SG DevCo's common stock on Nasdaq on May 2, 2024. The proceeds from...Show More

Safe and Green Development Corporation (SG DevCo) has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed public offering of up to 10,607,667 units. Each unit consists of either one share of common stock or one pre-funded warrant to purchase one share of common stock, and one common warrant to purchase one share of common stock. The offering is on a best-efforts basis with no minimum proceeds requirement and is expected to close on June 30, 2024, unless terminated earlier at SG DevCo's discretion. The units are offered at an assumed price of $0.6599 per unit, equivalent to the closing price of SG DevCo's common stock on Nasdaq on May 2, 2024. The proceeds from the offering are intended for general corporate purposes, including working capital, repayment of existing debts, and funding a portion of the cash consideration for the acquisition of Majestic World Holdings LLC (MWH). SG DevCo has engaged Maxim Group LLC as the exclusive placement agent for the offering. The company's directors, executive officers, and largest stockholder have agreed to a 90-day lock-up period, during which they will not sell any SG DevCo securities without the placement agent's consent. This offering follows several private placement transactions and other financial activities, including the issuance of convertible debentures and warrants to Peak One, a credit agreement with the Bryan Leighton Revocable Trust, and the acquisition of MWH.