Safe & Green Holdings Corp - SGBX STOCK NEWS

Safe & Green Holdings Corp. (NASDAQ: SGBX) has appointed Jim Pendergast as its new Chief Operating Officer, effective January 16, 2025. Pendergast brings over 25 years of leadership experience in corporate operations, having held roles such as CEO, CFO, and COO in various sectors including energy, construction, manufacturing, and agriculture.

He has extensive expertise in mergers and acquisitions, corporate restructuring, and equity and debt financing. His previous roles include COO at MGO Systems , where he oversaw more than 50 construction projects, and CEO/CFO at Paramount Structures Inc., leading its acquisition and financial restructuring. As CEO of FP Genetics Inc., he refocused the company on profitable growth.

Michael McLaren, Chairman and CEO of Safe & Green, expressed confidence in Pendergast's ability to drive sustained growth and navigate complex challenges. This appointment comes as Safe & Green integrates Olenox and Machfu into its ecosystem, aiming for substantial growth in the energy and technology sectors.

Safe & Green Holdings (NASDAQ: SGBX) has announced a binding Letter of Intent to acquire 100% of New Asia Holdings (OTCQB: NAHD), including its subsidiaries Olenox Corp. and Machfu.com. Olenox operates in oil & gas production, energy services, and energy technologies, having increased production from 113 to a projected 700 BOE/day. Machfu.com specializes in Industrial IoT solutions with over 20,000 gateways deployed globally.

The combined entity will maintain SGBX's current modular operations while leveraging facilities like the Waldron facility in Durant, Oklahoma, to support oil and gas operations. Michael McLaren, recently appointed CEO of Safe & Green and founder/CEO of Olenox, will become Chairman, succeeding Paul Galvin who remains on the board.

The acquisition aims to create operational efficiencies, expand addressable markets, and strengthen SGBX's Nasdaq listing position through improved financial performance.

Safe & Green Holdings (NASDAQ: SGBX) has appointed Michael McLaren as Chief Executive Officer and Director, effective immediately. McLaren brings over 30 years of leadership experience in the energy industry, with expertise in military and energy projects, field services, and mergers and acquisitions.

The new CEO holds a Master's Degree in Science and Business from the University of British Columbia and is a founder of several startups focused on innovative energy solutions and manufacturing systems. He is also a patent holder of various energy and green technologies.

Paul Galvin, Chairman of the Board, emphasized McLaren's extensive leadership experience in sustainable technologies as key to guiding the company's expansion in delivering cutting-edge building solutions. The company continues to secure new contracts and explore additional market opportunities in the modular construction sector.

Safe & Green Holdings (NASDAQ: SGBX) has secured a significant legal victory against EDI International, PC, and PVE, in the Superior Court of Los Angeles County. The court awarded $1,274,752 in damages to SGBX, with potential additional awards for interest, legal costs, and attorney's fees. The judgment resolves claims related to intentional interference with prospective economic relations and contractual obligations. The defendants were found to have disrupted critical economic relationships and contractual agreements, resulting in damages to the company.

Safe & Green Holdings (NASDAQ: SGBX) has secured two new modular construction contracts. The first contract involves designing and delivering two modular containers totaling 640 square feet with a kitchen, scheduled for completion by January 2025. The second contract encompasses up to 45 modular containers of 320 square feet each for housing generator systems, with the first unit expected by March 1, 2025, followed by phased delivery of remaining units.

The projects demonstrate the company's versatility in providing sustainable, cost-effective modular solutions across different applications, from custom kitchens to specialized industrial units.

Safe & Green Holdings (NASDAQ: SGBX) released its Q3 2024 business update highlighting operational achievements and financial improvements. The company completed a $2.4 million warrant inducement transaction, strengthening its balance sheet. Notable achievements include completing two major government projects and refinancing the Waldron Facility in Durant, Oklahoma. The company reported an $886,000 improvement in gross profit and reduced operating expenses by over $4 million for the nine-month period. While receiving a Nasdaq delinquency notice for delayed Q3 filing, the company has since submitted the required Form 10-Q.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has completed a warrant inducement transaction worth approximately $2.4 million, with Aegis Capital Corp. serving as the exclusive placement agent. The transaction represents a significant financial arrangement for the company, potentially affecting its capital structure and financial position.

Safe & Green Holdings Corp. (NASDAQ: SGBX) has entered into a warrant inducement agreement with a single investor, resulting in $2.4 million in gross proceeds. The investor agreed to exercise existing warrants to purchase 2,758,620 shares at a reduced price of $0.8718 per share. In exchange, the investor received new warrants to purchase 5,517,240 shares, exercisable at $0.8718 per share with a five-year expiration after stockholder approval. Aegis Capital Corp. served as the exclusive financial advisor for this transaction.

Safe & Green Holdings (NASDAQ: SGBX) has announced that its subsidiary, SG Echo, has completed two major projects for a U.S. government contractor. The contracts involved manufacturing 45 container-style office units (15 units in one order and 30 in another) for U.S. military operations. These modular office solutions were designed from shipping containers to provide flexible, 'plug-and-play' temporary offices, meeting strict safety and quality standards. The project demonstrated SG Echo's rapid production capabilities and commitment to delivering American-made modular solutions efficiently.