Safe And Green Development Resolves Financial Obligations With Safe & Green Holdings; Forgives $908K Debt, Offsets $815K Advances; SGBX Forgives $394K Debt, Transfers 276K SGD Shares To Treasury; SGBX Ceases To Be SGD Stockholder

Author: Benzinga Newsdesk | January 30, 2025 09:03am

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. SGD currently plans to hold such shares in its treasury. As a result of this agreement, SGBX will no longer be a stockholder of SGD.

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