The Board of SG Blocks, Inc. (NasdaqCM:SGBX) announced the spin-off of 30% stake of Safe and Green Development Corporation on December 23, 2022. As per the transaction, SG Blocks intends to spin-off 30% of Safe and Green Development Corporation to the Company?s stockholders, to form an independent, publicly traded company. Safe & Green Holdings Corp. shareholders will be entitled to receive 1.048 shares of SG DevCo common stock for every five shares of SG Holdings. Safe & Green Holdings Corp. As per the revised terms, Shareholders will be entitled to receive 0.93 shares of SG DevCo common stock for every five shares of SG Holdings.

On January 30, 2023, the Company has selected a group of professionals in their respective fields to sit upon the future Safe and Green Development Corporation board, which is planned to become a publicly traded spin-off entity and fall under the Safe & Green Holdings Corp. umbrella. The list of directors currently includes six leaders. Paul Galvin, Chairman and CEO of Safe & Green Holdings Corp, Christopher Melton, current board member of the parent Company, David Villarreal, who additionally is a current parent company board member, will join the Development Corporation board. Villarreal and the new members include Jeffrey Tweedy, Peter DeMaria and Scott Magrane. Safe & Green Holdings Corp. plans to introduce each Board member with further details on their background later. Nicolai Brune has been appointed as Chief Financial Officer of Safe and Green Development Corporation.

As of July 12, 2023, Safe & Green Holdings received the SEC approval for the spin off and awaits final Nasdaq approval for independent listing, which it expects to receive early in the third quarter of 2023. Once the transaction receives Nasdaq approval, the Company will move forward with its plan to list SG DevCo on the Nasdaq exchange by announcing a record date and anticipated listing date, within approximately 30 days of Nasdaq?s approval of the transaction. As of August 21, 2023, transaction record date has been set for August 30, 2023. As of August 31, 2023, The Company has set a new record date of September 8, 2023. Transaction is also subject to registration statement effectiveness. The Board of Safe & Green Holdings Corp. approved the transaction. As of September 20, 2023, the registration statement has declared effective. The transaction is expected to close in second quarter of the year 2023. As of July 6, 2023, the transaction is expected to close in the third quarter of 2023. As of September 19, 2023, transaction is expected to close on September 27, 2023. Maxim Group LLC acted as financial advisor to Safe & Green Holdings Corp. ValueScope, Inc. acted a fairness opinion provider, American Stock Transfer & Trust Company, LLC acted as a transfer agent to Safe & Green Holdings Corp.

Safe & Green Holdings Corp. completed the Spin-Off of 30% stake of Safe and Green Development Corporation (NasdaqCM:SGD) on September 27, 2023. As of September 26, 2023, the parties entered into a separation and distribution agreement.