Safe & Green Holdings Corp. - SGBX STOCK NEWS

SG Blocks (NASDAQ: SGBX) has leased an additional manufacturing plant in Durant, Oklahoma, intending to add two new production lines that will triple its manufacturing capacity. This strategic move, transitioning from a purchase to a lease, allows the Company to allocate capital to other business areas. Plans include hiring 75 new local employees over two years and utilizing the facility for projects in Q2 2022. The expansion aims to enhance operational efficiency and project scheduling.

SG Blocks, Inc. (NASDAQ: SGBX) announced on October 27, 2021, the closing of an issuance of approximately 3.16 million shares and warrants for gross proceeds of $11.55 million. The offering price was set at $3.65 per share. Proceeds will be used for working capital as existing projects advance. CEO Paul Galvin noted the importance of this capital raise in ensuring the Company can meet upcoming project demands amidst supply chain disruptions. SG Blocks has ongoing projects expected to generate significant manufacturing revenues, including $25 million from a condominium project and $180 million from Cumberland Inlet.

SG Blocks, Inc. (NASDAQ: SGBX) has entered a securities purchase agreement with a U.S. institutional investor to sell 3,164,384 shares of common stock and warrants to purchase up to 1,898,630 shares, generating gross proceeds of approximately $11.55 million. The shares will be sold at a combined offering price of $3.65 each, with the offering expected to close on or about October 27, 2021, pending customary closing conditions. This transaction aims to enhance the company's capital for future growth opportunities.

SG Blocks, Inc. (NASDAQ: SGBX) has announced new executive employment agreements for Williams Rogers as Chief Operating Officer and Gerald Sheeran as Acting Chief Financial Officer, both for an initial term of two years. Their performance will be evaluated based on company goals. CEO Paul Galvin emphasized the importance of a strong team for the company's growth and mission. Rogers brings over 30 years of construction experience, while Sheeran has extensive finance and accounting expertise. The company focuses on innovative modular structures using code-engineered cargo containers.

SG Blocks, Inc. (NASDAQ: SGBX) has announced its plans to enter the medical diagnostic testing sector by developing mobile modular laboratories. Located at the SG Echo campus in Durant, Oklahoma, the new product aims to provide CLIA-certified testing solutions for various diseases, including COVID-19. The mobile labs, measuring 40 feet and equipped for a broad range of diagnostic tests, target industries such as sports, universities, and entertainment. The initiative stems from an identified market need for accessible and efficient healthcare testing.

SG Blocks (NASDAQ: SGBX) has been selected as the exclusive manufacturer for Street Food USA to support its modular food hall rollout across the United States. The collaboration will utilize 35 SG Blocks modules, with the first site planned for the Southern United States. Street Food USA focuses on promoting local entrepreneurship and sustainable growth through independent kitchens. SG Blocks provides architectural design and engineering services, emphasizing their commitment to supporting small, innovative businesses.

SG Blocks (Nasdaq: SGBX) reported record quarterly revenues of $11.9 million for Q2 2021, a significant increase from $630,000 in Q2 2020. Gross profit rose to $2.8 million, while operating expenses grew to $2.8 million. Net loss for the quarter was $1.5 million or negative $0.17 per share. The company is focused on expanding its housing vertical and anticipates positive cash flow by Q4 2021. SG Blocks had 14 projects under contract, with a construction backlog of $21 million as of June 30, 2021. The company aims to maintain high manufacturing capacity and pursue new investment opportunities.

SG Blocks, Inc. (NASDAQ: SGBX) announced a collaboration with ATCO Structures & Logistics to produce modular fleet units. ATCO has committed to 20 units as part of a national rollout throughout the U.S., with initial deliveries expected in Q3 2021. This partnership highlights SG Blocks' commitment to modular construction, providing ongoing support and scalability for future orders. Paul Galvin, CEO, expressed satisfaction in collaborating with ATCO, indicating mutual respect for modular capabilities.

SG Blocks, Inc. (Nasdaq: SGBX) will host a conference call on August 16, 2021, at 4:30 p.m. ET to discuss its second quarter results for the period ending June 30, 2021. CEO Paul Galvin will lead the call, which will include a live Q&A session. Prior to the call, financial results will be released. Investors can access the call via toll-free and international numbers and can find a replay available until August 30, 2021. SG Blocks specializes in using code-engineered cargo shipping containers for sustainable construction.