On August 30, 2024, Safe and Green Development Corporation ('Safe & Green') amended its Equity Line of Credit (ELOC) Purchase Agreement with Arena Business Solutions Global SPC II, LTD ('Arena Global'). The amendment modifies the commitment fee structure, now requiring Safe & Green to issue shares and warrants to Arena Global in two separate tranches. The first tranche includes 925,000 shares and warrants to purchase an additional 1,075,000 shares at $0.01 each. The second tranche's number of shares will be determined by the average share price preceding the three-month anniversary of the registration statement's effectiveness. Additional shares may be issued if the value of the commitment fee shares falls below certain thresholds. Furthermore, the amendment adjusts obligations regarding the registration of the resale of...Show More

On August 30, 2024, Safe and Green Development Corporation ('Safe & Green') amended its Equity Line of Credit (ELOC) Purchase Agreement with Arena Business Solutions Global SPC II, LTD ('Arena Global'). The amendment modifies the commitment fee structure, now requiring Safe & Green to issue shares and warrants to Arena Global in two separate tranches. The first tranche includes 925,000 shares and warrants to purchase an additional 1,075,000 shares at $0.01 each. The second tranche's number of shares will be determined by the average share price preceding the three-month anniversary of the registration statement's effectiveness. Additional shares may be issued if the value of the commitment fee shares falls below certain thresholds. Furthermore, the amendment adjusts obligations regarding the registration of the resale of shares. Separately, on September 2, 2024, Safe & Green entered into a Joint Venture Agreement with Milk & Honey LLC to develop a storage unit facility on land in Palmview, Texas. Safe & Green will manage the joint venture, contribute $100,000, and cover costs related to land improvements and storage unit conversions. The company holds a 60% interest in the venture, with profits and losses shared equally with Milk & Honey. Decisions on borrowing, loans, and significant expenditures require mutual consent. In case of a deadlock, a buy-sell arrangement is stipulated. These agreements were disclosed in a Form 8-K filed with the SEC by Safe & Green's CFO, Nicolai Brune, on September 6, 2024.