- Safe & Green Holdings Corp SGBX Subsidiary, SGB Development Corp, has changed its name to Safe and Green Development Corporation. In addition, the company intends to spin off 30% of the subsidiary to its shareholders to form an independent, publicly traded company.
- The company has proposed with the spin-off proposal to focus on its core competency of commercial and residential real estate while supporting the future growth and profitability of both companies.
- also read: SG Blocks changes name to Safe & Green Holdings
- “Safe and Green Development Corporation is a modular real estate developer with a proven track record of land acquisition and entitlement that has created a development pipeline of over 4,000 units,” said Paul Galvin, Chairman and CEO of Safe & Green Holdings Corp.
- “As an independent company, we expect that Safe and Green Development Corporation will be able to streamline strategic decisions and focus on the needs of the commercial and residential real estate markets,” added Galvin.
- Safe & Green Development Corp. will have an independent Board of Directors, with Paul Galvin as Executive Chairman.
- Safe & Green Holdings has engaged Maxim Group LLC, a full-service investment bank, securities and asset management firm, to advise them on their strategic planning and potential future spin-offs.
- Price promotion: SGBX shares trade 0.83% higher at $1.22 on the latest check Friday.
- Photo via company
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