Safe & Green Holdings Corp. Provides Third Quarter 2024 Business Update
MIAMI, FL, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe & Green Holdings” or the “Company”), a leading developer, designer, and fabricator of modular structures, today provided a third quarter business update, highlighting recent operational achievements and strengthened financial positioning.
Recent Highlights:
- Strengthened Financial Position Through Warrant Inducement Transaction: Safe & Green recently completed a warrant inducement transaction, generating $2.4 million in gross proceeds. This influx of capital strengthens the Company's balance sheet and provides the working capital necessary to fuel ongoing and upcoming growth initiatives.
- Completion of Major Government Projects: Safe & Green successfully completed two significant projects for a U.S. government contractor, underscoring the Company’s capability to deliver high-quality modular solutions on a large scale. These projects highlight Safe & Green’s expertise in modular construction and its commitment to serving critical sectors. The successful completion of these projects enhances the Company's reputation and positions it favorably for future federal and state-level contracts, building on its proven performance in delivering complex, sustainable infrastructure.
- Refinancing of the Waldron Facility in Durant, Oklahoma: Safe & Green has successfully closed the refinancing of its Waldron Facility in Durant, OK, providing enhanced financial flexibility to support the expansion of its production capabilities. The refinancing demonstrates the Company’s strategic approach to managing its assets and optimizing its financial structure, enabling it to increase output to meet rising demand in modular construction.
Paul Galvin, Chairman of Safe & Green Holdings, commented, “This quarter represents a significant step forward for Safe & Green as we strengthen our financial base and achieve critical project milestones. Our recent warrant inducement transaction and successful refinancing reflect a solid foundation from which we can accelerate our growth. I’m particularly encouraged by the improvement in our gross profit by approximately $886 thousand and the reduction in operating expenses by over $4 million for the nine-month period, which underscores our commitment to efficiency and disciplined growth. Operationally, the completion of key government projects and new commitments for SG DevCorp demonstrate the market’s increasing recognition of our innovative, sustainable solutions. We are excited to continue driving value through our unique blend of green construction and real estate expertise.”
The Company also reports that On November 21, 2024, it received an additional delinquency notice from Nasdaq as it had not yet filed its Form 10-Q for the period ended September 30, 2024. The Company is pleased to report that it has since filed the required Form 10-Q and believes that this filing will satisfy the deficiency cited in the notice. The Company remains committed to maintaining compliance with all Nasdaq listing requirements and will continue to ensure timely and transparent communication with its stakeholders.
The Company’s complete financial results are available in the Company’s Form 10-Q for the period ending September 30, 2024, which has been filed with the Securities and Exchange Commission and is available on the Company’s .
About Safe & Green Holdings Corp.
Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. The Company’s subsidiary, Safe and Green Development Corporation, is a leading real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel, sourced from one of SG Holdings’ factories and operated by the SG Echo subsidiary.
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Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the Company’s financial results for the three months ended September 30, 2024. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the effect of government regulation, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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