MIAMI, Oct. 4, 2024 /PRNewswire/ -- Safe and Green Development Corporation "SG DevCo" (NASDAQ:SGD), a leading real estate and technology development company, today announced that it will effect a 1-for-20 reverse stock split ("reverse split") of its common stock, par value $0.001 per share ("Common Stock"), that will become effective at 12:01 a.m. Eastern Time on October 8, 2024. The Company's Common Stock will continue to trade on the Nasdaq Capital Market ("Nasdaq") under the symbol "SGD" and will begin trading on a split-adjusted basis when the Nasdaq opens on October 8, 2024 ("Effective Time"). The new CUSIP number for the Common Stock following the reverse split will be 78637J204.
At the Company's annual meeting of stockholders held on July 2, 2024, the Company's stockholders granted the Company's Board of Directors the discretion to effect a reverse split of the Company's Common Stock at a ratio of not less than 1-for-2 and not more than 1-for-20, with such ratio to be determined by the Company's Board of Directors. Subsequently, the final split ratio of 1-for-20 was approved by the Company's Board of Directors, with such reverse split to be effective as of October 8, 2024.
As a result of the reverse split, every 20 shares of the Company's Common Stock issued and outstanding will be automatically combined into one share of Common Stock, with no change in the $0.001 par value per share. The 1-for-20 reverse split will proportionally reduce the number of outstanding shares of Company Common Stock from approximately 19 million shares to approximately 0.95 million shares (subject to rounding of fractional shares, which will be paid in cash). The reverse split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of the Company's shares which will remain unchanged other than as a result of fractional shares. Proportional adjustments will be made to the number of shares of SG DevCo's Common Stock issuable upon exercise or conversion of the Company's outstanding equity awards, debentures and warrants, as well as the applicable conversion price and exercise price. There ...
