Safe and Green Development Corporation Secures an Additional $500 Thousand of Non-Dilutive Funding
Summary
Safe and Green Development Corporation Secures an Additional $500 Thousand of Non-Dilutive FundingMIAMI--(BUSINESS WIRE)-- Safe & Green Holdings Corp. (NASDAQ: SGBX) (Safe & Green Holdings or the Company), a leading developer, designer, and fabricator of modular structures for residential, commercial, and point-of-care medicine, today announced that further to its announcement on June 14, 2023, the Companys Safe and Green Development Corporation (SG DevCo) subsidiary has secured an additional $500 thousand non-dilutive bridge loan with a European based entity, bringing the total European bridge funding to $1.5 million to date. The bridge notes will bear interest at a rate of 14% per annum and will be secured by 19.99% of the shares in SG DevCo.This additional non-dilutive funding underscores the robust asset base that we are able to leverage to avoid going to the equity markets to fund the Companys future growth, stated Paul Galvin, Chairman and CEO of Safe & Green Holdings. Furthermore, we continue to move forward with the scheduled spin-off of Safe & Green Development Corporation, which is expected to occur in the next few weeks.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. These forward-looking statements are based upon current estimates and assumptions and include statements regarding SG DevCo to securing a bridge loan with a European based entity for up to $2 million in gross proceeds, the belief that the Company will be able to effectively use proceeds, to drive significant long-term value for shareholders; the scheduled spin-off of Safe & Green Development Corporation, which is expected to occur in the next few weeks While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release.