Safe & Green Holdings Corp. - SGBX STOCK NEWS

Safe & Green Holdings Corp. (NASDAQ: SGBX) has announced the addition of Elizabeth Cormier-May to its board of directors. Known for her leadership in diagnostics and biotechnology, Cormier-May is expected to enhance the company's strategic direction as it expands its medical footprint. Currently serving as CEO of Mammogen, Inc. and CCO of Dragonfly Data Ventures, her extensive background in life sciences is anticipated to contribute positively to the company’s growth in the diagnostic healthcare space through sustainable modular solutions.

Safe & Green Holdings Corp. (NASDAQ: SGBX) enhanced its Advisory Board by appointing Thomas Meharey, a Marine and VP at kathy ireland® Worldwide. This addition boosts the board's membership from five to six, bringing valuable expertise in luxury goods, real estate, and construction.

Meharey’s experience ranges from launching brands to managing multi-million-dollar properties. CEO Paul Galvin expressed excitement about his leadership skills and entrepreneurial background, hoping to leverage these for strategic growth in the company.

Safe & Green Holdings Corp. (NASDAQ: SGBX) is auctioning its Lago Vista property in Austin, Texas, which has entitlements for 200+ high-end multifamily rental units and a marina. Acquired for $3.5 million, the property is recently appraised at $13 million. The online auction will be facilitated by CREXi, with eXp Realty as the broker. CEO Paul Galvin expressed confidence in the sale price reflecting the area's growth. The plan anticipates a Q2 2023 closing, with further details forthcoming.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has filed a second complaint with the U.S. SEC's Delinquent Filing Group regarding affiliated beneficial shareholders who have not reported their ownership as required under Section 13 of the Exchange Act. The firm has made several attempts to encourage compliance but to no avail. This complaint aims to provide transparency to all shareholders about ownership. CEO Paul Galvin emphasized the company's commitment to fairness and transparency, alongside their planned spin-off of Safe and Green Development Corporation.

Safe & Green Holdings Corp. (NASDAQ: SGBX) announced the release of a fairness opinion from ValueScope, Inc. regarding the spin-off of 30% of its subsidiary, Safe and Green Development Corporation. The estimated fair market value of Safe and Green Development is $74.3 million, with shareholders receiving $22.3 million in equity. The plan ensures full repayment of Safe and Green Development's existing debt, avoiding shareholder dilution. The spin-off aims to stabilize earnings and enhance growth in core divisions, contributing positively to shareholder value.

Safe & Green Holdings Corp. (NASDAQ: SGBX) announced the name change of its subsidiary to Safe and Green Development Corporation and plans to spin off 30% of it to shareholders, creating an independent public entity. This strategic move aims to enhance focus on commercial and residential real estate while unlocking shareholder value. The CEO, Paul Galvin, noted that the spin-off allows for clearer business models and streamlined decision-making. Maxim Group LLC has been engaged for strategic advice.

Safe & Green Holdings (NASDAQ: SGBX) announced the appointment of Shafron Hawkins to its Board of Directors. A veteran in public policy and real estate, Hawkins brings extensive experience in energy, natural resources, and investments in underserved areas. His role will focus on eco-friendly economic strategies to aid the company's growth. The CEO, Paul Galvin, expressed excitement over Hawkins' expertise and its potential impact on the company's future expansion and development.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has officially rebranded from SG Blocks, Inc. to better reflect its mission as a leading developer of sustainable modular structures. The change includes a new logo and branding elements, while trading will continue under the existing ticker symbol SGBX. CEO Paul Galvin highlighted the importance of this evolution for enhancing long-term shareholder value and advancing various strategic initiatives. Founded in 2007, the company focuses on innovative building practices and meets the growing demand for green construction solutions across industries.

SG Blocks has secured an agreement for approximately 25 acres of land near the Dallas area for a new development. This project, located in Denison, Texas, aims to create 496 multi-family housing units as an active senior living community. The estimated total development cost is $115 million, with projected profits of $40 million over five years. The construction for SG Echo is expected to contribute $80 million to their revenue, providing an anticipated $15 million margin.