Safe & Green Holdings Changes Name Of Subsidiary SGB Development, Plans Spin-Off - Safe & Green Holdings (NASDAQ:SGBX)

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 stockholders to form an independent, publicly traded company.
The company came up 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 acquiring and entitling parcels, which has created a development pipeline of over 4,000 units," said Paul Galvin, Chairman and CEO of Safe & Green Holdings Corp.
"As an independent entity, we expect Safe and Green Development Corporation will be able to streamline strategic decisions and focus on the needs of the commercial and residential real estate market," Galvin added.
Safe & Green Development Corp. will have an independent board of directors, with Paul Galvin serving as Executive Chairman.
Safe & Green Holdings has engaged Maxim Group LLC, a full-service investment bank, securities, and wealth management firm, to advise in its strategic planning and regarding potential future spin-offs.
Price Action: SGBX shares are trading higher by 0.83% at $1.22 on the last check Friday.
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