Safe and Green Development Corporation SGD shares are trading higher on Tuesday after the company signed a non-binding Letter of Intent to invest money in Majestic World Holdings in exchange for access to the software platform Xene.
What To Know: The Letter of Intent is related to a proposed strategic partnership in which SG DevCo will invest in Majestic World Holdings. In return, Majestic World Holdings will provide access to its software platform Xene, which aims to build a decentralized real estate marketplace through advanced AI technology.
David Villarreal, President and CEO of SG DevCo, stated, "This LOI is a testament to our shared vision and commitment as it symbolizes symbolizes a strategic partnership aimed at leveraging the innovative software technology and resources of both MWH and SG Devco. The main objective in seeking to forge this strategic partnership is to create shared value by capitalizing on the unique strengths and capabilities of each party."
"We believe that once established, the seal of this strategic alliance will signify a crucial turning point for both organizations. We further believe this strategic partnership will pave the way for an explosive era of growth, innovation, and the expansion of opportunities within each of our companies, our stakeholders, and all who engage with our businesses."
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SGD Price Action: Shares of SGD were up 27.2% at $3.60 at the time of publication, according to Benzinga Pro.
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