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Safe & Green Holdings Corp. (NASDAQ: SGBX) is a pioneering company in modular construction solutions. Leveraging the structural integrity and sustainability of code-engineered cargo shipping containers, the company provides innovative building modules that serve both residential and commercial markets. These modules can be used as permanent or temporary structures, making them ideal for a wide range of applications, including health care facilities, real estate development, and environmental projects.
Safe & Green Holdings operates through four primary segments: construction services, medical, real estate development, and environmental. The majority of the company's revenue comes from its construction segment, which includes the manufacturing unit SG ECHO and various modular projects. The company's technology enables faster construction, lower costs, and more sustainable building practices, making it a leader in green construction.
Since its inception in 2007, Safe & Green Holdings has focused on repurposing shipping containers to meet safe and sustainable housing needs, particularly in hurricane and earthquake-prone areas. The company recently received recertification from the International Code Council (ICC) for its shipping containers, ensuring they meet stringent safety and performance standards. This achievement underscores the company's commitment to quality and innovation in modular construction.
Safe & Green Holdings' projects are designed to exceed typical building code requirements, offering developers, architects, and builders a high-value, eco-friendly construction option. The company's dedication to reducing the global carbon footprint is evident through its sustainable building practices and use of recycled materials. Partnering with industry leaders and constantly evolving its technology, Safe & Green Holdings continues to set new benchmarks in the modular construction industry.
For more information, visit the company's investor relations page or contact Crescendo Communications, LLC at (212) 671-1020 or via email at SGBX@crescendo-ir.com.
Safe & Green Holdings reported Q1 2024 results with $1M in revenue, a significant drop from $5.5M in Q1 2023, and a net loss of $4M compared to $3.5M last year. However, gross profit improved to $372K from a loss of $62K. They secured various contracts and partnerships, including $8M in new business for their SG Echo subsidiary. Cost-saving measures are expected to save $2.5M annually in 2024. The company anticipates cash flow positivity by the end of 2024. Financial improvements include $450K from a warrant inducement agreement and $4M from a securities purchase agreement, bolstering cash to $740K by March 31, 2024.
Safe & Green Holdings Corp. (NASDAQ: SGBX) announced an increase of approximately $1 million in a military contract for the construction of 11 additional modular office containers. This expansion highlights the company's expertise in modular construction and reflects the exceptional quality of their products.
Safe & Green Holdings Corp. (NASDAQ: SGBX) has received an expanded scope of work from a government contractor to refurbish 15 container modules for a major U.S. agency. The upgrade will be carried out at their facility in Durant, Oklahoma, and the refurbished units will be transported to a site in Virginia. This collaboration highlights the company's expertise in modular construction and commitment to supporting the military.
Safe & Green Holdings Corp. reported a 30% increase in construction services revenue in 2023 compared to 2022. The company successfully spun-out Safe and Green Development as a Nasdaq listed entity. Cost-saving initiatives are expected to save $2.5 million in annual expenses in 2024. Safe & Green Holdings is partnering with the Tunnel to Towers Foundation to construct a modular home showcasing the foundation's initiatives. The Company achieved various milestones, including entering into a Master Purchase Agreement with SG DevCo and receiving new contracts for modular units.
Safe & Green Holdings Corp. announced a private placement of $4 million with an institutional investor, offering shares and warrants at $2.90 per share. The company plans to use the proceeds for general corporate purposes and debt repayment. The closing is expected on May 7, 2024. AGP/Alliance Global Partners is the sole placement agent. The securities are not registered under the Securities Act and will be subject to resale restrictions.
Safe & Green Holdings Corp's subsidiary, SG Echo, is set to deliver its first eco-friendly modular unit to a prominent quick-service restaurant customer in the Pacific Northwest. The unit has passed its final plant inspection and will be shipped in the second quarter of 2024. Safe & Green Holdings is excited about the partnership and sees it as the beginning of a significant relationship. The company's Durant, OK facility is strategically positioned to serve commercial markets nationwide, showcasing its ability to provide sustainable solutions.
Safe & Green Holdings Corp. (NASDAQ: SGBX) collaborates with Britten Inc., selling modular units certified safe and efficient by the International Code Council. The AC 462 designation streamlines approvals and compliance, benefiting clients and stakeholders. The partnership aims to promote sustainable building practices and support creative industries.
Safe & Green Holdings Corp (NASDAQ: SGBX) announced a reverse stock split of its common stock at a ratio of 1-for-20 effective May 2, 2024. The board of directors approved the split to meet Nasdaq's requirements and enhance marketability. Each 20 shares will be combined into one share, with no change in ownership percentage. Fractional shares will be paid in cash.
Safe & Green Holdings Corp announced a planned reverse stock split of its shares of common stock at a ratio of 1-for-20, effective May 2, 2024. The split aims to meet Nasdaq's bid price requirements and enhance marketability. Shareholders will see no change in ownership percentage, and fractional shares will be settled in cash.
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