Safe & Green Holdings Sets August 30, 2023, As Record Date For Planned Spin-Off Of Safe & Green Development Corporation
Portfolio Pulse from Happy Mohamed
Safe & Green Holdings Corp. (NASDAQ:SGBX) has set August 30, 2023, as the record date for the spin-off and Nasdaq listing of its real estate development subsidiary, Safe and Green Development Corporation (SG DevCo). The company plans to distribute 30% of the outstanding shares of SG DevCo to its current shareholders, while retaining 70%. Each SG Holdings stockholder will receive approximately 0.94 shares of SG DevCo for every five shares of SG Holdings held as of the close of business on the record date. The distribution is expected to be paid on or about September 7, 2023.
August 21, 2023 | 12:37 pm
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POSITIVE IMPACT
Safe & Green Holdings' decision to spin-off and list its subsidiary, SG DevCo, on Nasdaq could potentially increase the value of SGBX shares in the short term as shareholders will receive additional shares of SG DevCo.
The spin-off and listing of SG DevCo on Nasdaq could be seen as a positive move by investors, potentially leading to an increase in the value of SGBX shares. Shareholders will also benefit from receiving additional shares of SG DevCo, which could further boost the attractiveness of SGBX shares.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100