Safe and Green Development Corporation - SGD STOCK NEWS

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.

Safe and Green Development (NASDAQ: SGD) has secured a strategic investment of up to $10 million from Arena Investors, LP. The initial funding amount is $1.38 million, with access to subsequent tranches up to a total of $10.27 million subject to various conditions. Arena, a global institutional asset manager with $3.5 billion in assets under management, is expected to provide valuable insights and resources to accelerate SG Devco's real estate development projects.

Additionally, SG Devco entered into an equity line of credit purchase agreement with Arena Business Solutions, potentially allowing for up to $50 million in additional funding. Maxim Group acted as the sole placement agent for the offering. This strategic investment is intended to strengthen SG Devco's ability to make a positive impact on the industry while delivering value to shareholders.

Safe and Green Development (NASDAQ: SGD) has entered a joint venture to develop and construct single-family homes in South Texas. The initial phase includes 5 lots, with plans to expand to 24 lots. CEO David Villarreal emphasized the project's alignment with the company's commitment to safe and sustainable communities.

The shovel-ready lots allow development to begin this year, with anticipated revenue from home sales starting in late 2024 and throughout 2025. SG Devco plans to utilize its real estate AI Platform to enhance sales and offer competitive mortgage options and down-payment assistance through partnerships, potentially driving additional revenue.

Safe and Green Development (NASDAQ: SGD) has announced its participation in the $400M Pigmental Studios Development project in St Mary's, Georgia. The project aims to provide state-of-the-art infrastructure for high-quality media content production, including live action, visual effects, animation, and immersive storytelling experiences. SG Devco will contribute its expertise in sustainable construction practices to align with Pigmental's vision.

David Villarreal, CEO of SG Devco, expressed excitement about the collaboration, emphasizing the company's role in creating a world-class production studio that prioritizes sustainability. Marina Martins, CEO of Pigmental Studios, highlighted the importance of SG Devco's experience in sustainable practices for setting new industry standards. The construction of the Pigmental Studios Development is set to begin soon, with both companies looking forward to further updates on this collaboration.