Safe & Green Holdings Corp. Regains Compliance with Nasdaq Continued Listing Requirements

Rhea-AI Summary

Safe & Green Holdings (NASDAQ: SGBX) has successfully regained compliance with Nasdaq's minimum equity standard listing requirements, as confirmed by the Nasdaq Hearings Panel. The company will maintain its listing on The Nasdaq Capital Market, though it remains under a grace period until June 10, 2025 to meet the minimum bid price requirement.

CEO Mike McLaren emphasized this achievement as a significant milestone demonstrating the company's business strategy and financial position strength. The company, which specializes in developing, designing, and fabricating modular structures, remains focused on delivering innovative solutions and expanding market presence while maintaining operational efficiency to create shareholder value.

Positive

• Regained compliance with Nasdaq's minimum equity standard
• Maintained Nasdaq listing status

Negative

• Still needs to meet minimum bid price requirement by June 2025

MIAMI, FL, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe & Green Holdings” or the “Company”), a leading developer, designer, and fabricator of modular structures, today announced that it has received a listing decision from The Nasdaq Stock Market LLC (“Nasdaq”) on behalf of the Nasdaq Hearings Panel (the “Panel”), indicating that the Company has evidenced compliance with the minimum equity standard set forth in Nasdaq Listing Rule 5550(b)(1) (the “Equity Rule”) and all other applicable criteria for continued listing on The Nasdaq Capital Market. The Company remains subject to a grace period, through June 10, 2025, to regain compliance with Nasdaq’s minimum price bid requirement. As a result, the previously disclosed listing matter has been closed, and the Company’s securities will remain listed on Nasdaq.

“We are pleased to have successfully regained compliance with Nasdaq’s continued listing requirements—an important milestone that underscores the strength of our business strategy and financial position," said Mike McLaren, Chief Executive Officer of Safe & Green Holdings Corp. "Maintaining our Nasdaq listing remains a top priority, as we believe it enhances our credibility with investors, partners, and stakeholders. This achievement reflects our team’s unwavering dedication to executing our growth initiatives and reinforcing our financial foundation.”

"Looking ahead, we remain committed to delivering innovative modular solutions, expanding our market presence, and driving operational efficiencies to generate long-term value for our shareholders.  We remain focused on our core competencies, and believe we are well-positioned to capitalize on new opportunities and accelerate progress toward our strategic objectives."

About Safe & Green Holdings Corp.

Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit https://www.safeandgreenholdings.com/ and follow us at @SGHcorp on Twitter.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the Company’s receipt of a listing decision from the Nasdaq Hearings Panel. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others,  the effect of government regulation, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Investor Relations:

Crescendo Communications, LLC
(212) 671-1020
sgbx@crescendo-ir.com

FAQ

What is the deadline for SGBX to meet Nasdaq's minimum bid price requirement?

SGBX has until June 10, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

Has SGBX fully regained Nasdaq compliance in February 2025?

SGBX has regained compliance with the minimum equity standard but still needs to meet the minimum bid price requirement by June 2025.

What Nasdaq listing requirement did SGBX recently meet?

SGBX met the minimum equity standard set forth in Nasdaq Listing Rule 5550(b)(1).

Will SGBX maintain its Nasdaq listing status?

Yes, SGBX will maintain its Nasdaq listing, subject to meeting the minimum bid price requirement by June 10, 2025.