Safe & Green Holdings Corp. Receives Approval To List Safe And Green Development Corporation (SG DevCo) Common Stock On Nasdaq Market Under The Symbol "SGD"
Portfolio Pulse from Benzinga Newsdesk
Safe & Green Holdings Corp. (NASDAQ:SGBX) has received approval from Nasdaq to list the common stock of its real estate development subsidiary, Safe and Green Development Corporation (SG DevCo), under the symbol 'SGD'. SG DevCo has a fair market value of $74 million and a project pipeline exceeding $800 million. SG Holdings' stockholders will receive a distribution of 0.930886 shares of SG DevCo for every 5 shares of SG Holdings common stock held.
September 08, 2023 | 1:04 pm
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POSITIVE IMPACT
Safe & Green Holdings Corp.'s approval to list its subsidiary, SG DevCo, on Nasdaq could potentially increase the value of SGBX shares. The spin-off will provide current SG Holdings stockholders with two separate opportunities to participate in the value created by SG DevCo.
The listing of SG DevCo on Nasdaq is a significant milestone for Safe & Green Holdings Corp. This could potentially increase the value of SGBX shares as it provides current stockholders with two separate opportunities to participate in the value created by SG DevCo. Furthermore, the fair market value of SG DevCo significantly surpasses SG Holdings' market cap, indicating a positive outlook for the company.
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