Safe & Green Holdings Surged 106.43% on Tursday for Planned Spinoff of SG DevCo to Nasdaq

Tiger Newspress2023-09-22

SAFE & GREEN HOLDINGS CORP surged 106.43% on Tursday.

It provided a further update on the planned spin-off of Safe & Green Development Corp ("SG DevCo"), the Company’s real estate development subsidiary, and the planned distribution of approximately 30% of the outstanding shares of SG DevCo common stock to SG Holdings’ stockholders on a pro rata basis (the "Distribution").

The Company has set September 27, 2023, as the planned effective date for the Distribution (the "Distribution Date"). Additionally, the Company reports that on September 18, 2023, SG DevCo’s registration statement on Form 10 (the "Registration Statement") relating to the Distribution was declared effective by the SEC. The Registration Statement includes a preliminary information statement that describes the Distribution, certain risks of owning SG DevCo common stock and provides important information regarding SG DevCo’s business and management. SG DevCo will shortly commence mailing the final information statement to holders of SG Holdings common stock.

As previously announced, the Company expects commencement of trading on the Nasdaq Stock Market on September 19, 2023, on a "when-issued" basis under the ticker symbol "SGDVV". The "when-issued" trading market will allow investors to purchase or sell SG DevCo common stock up to and through the Distribution Date, but transactions will not settle until after the Distribution Date. SG Holdings expects that "regular-way" trading of SG DevCo’s common stock will begin on the first trading day after the Distribution Date.

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