Safe and Green Development Corporation - SGD STOCK NEWS

Safe and Green Development (NASDAQ: SGD) has achieved a significant milestone by pouring the foundation for its first home in South Texas. The company, which recently secured financing for vertical construction, expects to deliver the model home within 75 days. Additionally, SGD received all necessary approvals and construction financing for the first 5 homes of its Sugar Phase I Development, with construction set to begin in the coming weeks.

Safe and Green Development (NASDAQ: SGD) CEO David Villarreal has released a letter to shareholders addressing recent developments. The company completed a reverse stock split to maintain its NASDAQ listing and comply with minimum bid price requirements. Villarreal expressed disappointment with the stock's performance post-split, noting a drop from a $5M market cap to $2.5M without fundamental business changes.

He emphasized that the current market capitalization doesn't reflect the company's true value, citing previously appraised real estate assets of approximately $50M. Villarreal highlighted SGD's growth through strategic acquisitions and joint ventures, which aim to accelerate revenue generation. The company is focusing on developing safe, environmentally conscious housing and enhancing homeownership accessibility through technology platforms. SGD anticipates significant revenue generation from its South Texas growth market in 2025 and beyond, with ongoing strategic asset sales to improve its balance sheet.

Safe and Green Development (NASDAQ: SGD) has completed site work and obtained necessary permits for the first phase of its Sugar Phase I project in South Texas. The company has finished resurfacing lots and received elevation certificates, allowing vertical construction to begin. SG Devco expects to deliver the first phase of homes by Q1 2025 and aims to sell all 35 homes to Trio, acting as Program Administrator for Choctaw American Insurance, Inc., within that quarter.

CEO David Villarreal expressed enthusiasm about reaching this milestone, highlighting it as the beginning of the company's development efforts in South Texas. The Sugar Phase I project is a important component of SG Devco's strategy to provide high-quality housing in growing communities, addressing the increasing demand in the region.

Safe and Green Development (NASDAQ: SGD) has accepted a preliminary binding purchase commitment from Trio, acting as Program Administrator for Choctaw American Insurance, Inc., for its South Texas development project. The commitment includes:

• Sale of the first 5 homes, expected to generate approximately $1,000,000 in revenue
• Potential purchase of up to 14 homes, generating sales of approximately $2,800,000
• Trio to purchase a maximum of 40% of lots within a subdivision

The agreement is subject to individual Purchase and Sale Agreements and identification of Trio-approved occupants. Closings will occur within 14 days of homes being ready for occupancy. This commitment signifies strong demand for single-family housing in the region and marks SG Devco's first pre-sales in company history.

Safe and Green Development (NASDAQ: SGD) has secured financing terms for the vertical construction of a model home in South Texas. This development marks a significant step for the company, showcasing its design and construction capabilities to potential buyers and partners. The model home will serve as a foundation for SG Devco's expansion in South Texas, where it plans to launch multiple residential communities.

The construction will be financed through a construction loan, subject to certain terms and conditions, including the payoff of an existing note. SG Devco expects to close on the loan within 30 days. CEO David Villarreal expressed excitement about this milestone, emphasizing the company's commitment to innovation and sustainability in real estate.

SG DevCo (NASDAQ: SGD) has announced a 1-for-20 reverse stock split of its common stock, effective October 8, 2024. The company's stock will continue trading on Nasdaq under the symbol 'SGD' with a new CUSIP number 78637J204. This move will reduce the number of outstanding shares from approximately 19 million to 0.95 million. The reverse split aims to bring the company into compliance with Nasdaq's minimum bid price requirement of $1.00 per share and attract a broader range of investors.

The split will not affect stockholders' ownership percentages, except for fractional shares, which will be paid in cash. Proportional adjustments will be made to outstanding equity awards, debentures, and warrants. Equiniti Trust Company, will manage the exchange process for stockholders of record.

Safe and Green Development (NASDAQ: SGD) has announced a joint venture with Resource Group US (RGUS) to restore degraded lands across the United States. The partnership combines RGUS's Soil Rescue compost technology with SGD's land development expertise to rehabilitate nutrient-deficient land for various uses. The initial phase will focus on a pilot project at RGUS's Myakka City, FL site, a former phosphate mining area.

The venture aims to transform unfarmable land into productive, sustainable resources while contributing to climate change mitigation through carbon sequestration. The partnership is expected to create substantial revenue opportunities through increased land value, high-yield agricultural production, carbon sequestration credits, and eco-friendly commercial development.

Safe and Green Development (NASDAQ: SGD) has announced a joint venture with Properties by Milk & Honey to develop an eco-friendly retail outlet on an 18-acre property in Palmview, Texas. The joint venture, named Pulga Internacional , will focus on converting the property into a retail space using repurposed shipping containers.

SG Devco will manage financial planning and container repurposing, while Milk & Honey will handle permits and project coordination. The development is set to break ground later this year, with completion expected in mid-2025. This project marks SG Devco's strategic expansion into Texas and reinforces its commitment to sustainable development.

Safe and Green Development (NASDAQ: SGD) has announced the expansion of its joint venture project in Edinburg, Texas, with an agreement to acquire 22 additional single-family lots. This adds to the previously announced acquisition of 5 lots in the same subdivision. The strategic move aims to capitalize on the rapid growth in the Rio Grande Valley area. The transaction is expected to close within 60 days, with all homes projected to be delivered to customers by the end of Q2 2025.

CEO David Villarreal emphasized the company's commitment to growth and efficiency by targeting lots ready for vertical construction. SG DevCo remains dedicated to sustainability and environmental consciousness, incorporating energy-efficient features and sustainable building practices in each home.