Safe & Green Holdings Corp. Provides Update On Planned SG DevCo Spinoff To Nasdaq And Distribution Of SG DevCo Shares To Safe & Green Holdings Shareholders
Portfolio Pulse from Happy Mohamed
Safe & Green Holdings Corp. (NASDAQ:SGBX) has provided an update on the planned spinoff of Safe & Green Development Corp (SG DevCo) to become a standalone company listed on Nasdaq. The company plans to distribute 30% of SG DevCo to its current shareholders, with Safe & Green Holdings retaining 70%. The fair market value of SG DevCo is valued at $74 million. The company is awaiting final review and approval of the transaction by Nasdaq.
July 20, 2023 | 12:39 pm
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Safe & Green Holdings Corp. is planning a spinoff of SG DevCo, distributing 30% of its shares to current shareholders. The company is awaiting Nasdaq's approval for the transaction.
The planned spinoff of SG DevCo and distribution of its shares to current shareholders could potentially increase the value of Safe & Green Holdings Corp.'s shares. However, the transaction is still awaiting approval from Nasdaq.
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