Safe and Green Development Corporation (SG DevCo), a real estate development company, has announced a series of financial and corporate events. SG DevCo, which specializes in green single or multi-family projects, has not generated revenue since its inception and has been reliant on its parent company, Safe & Green Holdings Corp. (SG Holdings), for funding. In December 2022, SG Holdings announced plans to separate SG DevCo into a standalone publicly traded company. The separation was completed on September 27, 2023, with SG Holdings distributing approximately 30% of SG DevCo's outstanding shares to its stockholders. SG DevCo's common stock began trading on the Nasdaq Capital Market under the symbol 'SGD' the following day. SG DevCo has entered into various agreements with SG Holdings...Show More

Safe and Green Development Corporation (SG DevCo), a real estate development company, has announced a series of financial and corporate events. SG DevCo, which specializes in green single or multi-family projects, has not generated revenue since its inception and has been reliant on its parent company, Safe & Green Holdings Corp. (SG Holdings), for funding. In December 2022, SG Holdings announced plans to separate SG DevCo into a standalone publicly traded company. The separation was completed on September 27, 2023, with SG Holdings distributing approximately 30% of SG DevCo's outstanding shares to its stockholders. SG DevCo's common stock began trading on the Nasdaq Capital Market under the symbol 'SGD' the following day. SG DevCo has entered into various agreements with SG Holdings to manage the transition, including a separation and distribution agreement, a tax matters agreement, and a shared services agreement. Additionally, SG DevCo has engaged in private placement offerings and equity purchase agreements with Peak One Opportunity Fund, L.P. (Peak One) and Peak One Investments, LLC, involving the issuance of convertible debentures, warrants, and commitment shares. SG DevCo has also been involved in financing activities, including bridge note financing and loan agreements, to support its operations and property acquisitions. The company has reported a net loss for the periods ending December 31, 2022, and September 30, 2023, and has disclosed related party transactions, including the cancellation of a promissory note by SG Holdings and advances made by SG DevCo to SG Holdings.