Core Viewpoint - Safe and Green Development Corporation (SG DevCo) will implement a 1-for-20 reverse stock split effective October 8, 2024, to comply with Nasdaq's minimum bid price requirement and enhance the attractiveness of its stock to investors [1][5]. Group 1: Reverse Stock Split Details - The reverse stock split will combine every 20 shares of Common Stock into one share, reducing the outstanding shares from approximately 19 million to about 0.95 million [3]. - The par value of the shares will remain unchanged at $0.001 per share, and the ownership percentage for stockholders will not be affected, except for fractional shares [3]. - The new CUSIP number for the Common Stock post-split will be 78637J204 [1]. Group 2: Compliance and Investor Appeal - The reverse split aims to ensure compliance with Nasdaq's requirement for a minimum bid price of $1.00 per share [5]. - The action is expected to make the stock more appealing to a wider range of institutional and retail investors [5]. Group 3: Shareholder Instructions - Equiniti Trust Company, the transfer agent, will provide instructions to stockholders regarding the exchange of their shares, while those holding shares in brokerage accounts will not need to take any action [4]. - Stockholders entitled to fractional shares will receive a cash payment based on the average closing sales price of the Common Stock for the ten days preceding the effective time [6]. Group 4: Company Overview - SG DevCo focuses on real estate development using prefabricated modules and aims to create innovative and sustainable projects across various income and asset classes [7]. - The company also has a subsidiary, Majestic World Holdings LLC, which has developed a real estate AI platform to integrate various stakeholders in the real estate market [7].
SG DevCo Announces Reverse Stock Split