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Safe and Green Development Corporation Acquires All SGD Shares Held By Safe & Green Holdings Corp.

1. SGD resolved inter-company financial obligations with SGBX, improving balance sheet. 2. SGD received shares and forgave debts, enhancing financial flexibility.

M&A
-2.42%Current Return
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-0.03%S&P 500
$1.6501/30 09:02 AM EDTEvent Start
$1.6101/31 03:46 PM EDTLatest Updated
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FAQ

Why Bullish?

Debt forgiveness and share acquisition strengthens SGD's financial position, likely boosting investor confidence.

How important is it?

The resolution of financial obligations can positively impact SGD's stock performance, attracting more investments.

Why Short Term?

Immediate effects on SGD's balance sheet and liquidity will attract investors in the near term.

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SGDSGBX
MIAMI , Jan. 30, 2025 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) ("SGD" or the "Company") today announced the resolution of certain inter-company financial obligations with Safe & Green Holdings Corp. (SGBX). Under the terms of the agreement, SGD has forgiven and released SGBX from obligations under a promissory note dated August 9, 2023, with a principal amount of $908,322.95 and intercompany advances of $815,522 (which SGD had previously written off its balance sheet as of 12.31.23) in exchange for SGBX forgiving $394,329 of inter-company debt owed to SGBX by SGD and for SGBX transferring 276,425 shares of SGD Common Stock owned by SGBX to SGD.

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