Safe & Green Holdings Corp - SGBX STOCK NEWS

SG Blocks reported approximately $8.8 million in quarterly revenue and $29.9 million year-to-date for Q3 2021, marking a 2000% increase from the previous year. The company plans to become cash flow positive in Q4 2021, with significant advancements in multiple project verticals, including residential and commercial sectors. SG Blocks has a current construction backlog of around $20.1 million and 15 projects under contract. The firm is also enhancing manufacturing capacity to meet increasing demand while addressing challenges from legacy projects impacted by supply chain issues.

SG Blocks (NASDAQ: SGBX) announced a $750,000 forgivable loan from the Durant Industrial Authority to renovate the Waldron facility, its second manufacturing site in Oklahoma. The renovation aims to create 75 new jobs and enhance production capabilities. Anticipated renovations are set to commence in December 2021. The company emphasizes its commitment to economic growth in Durant, which is strategically located near major cities like Dallas and Oklahoma City.

SG Blocks, Inc. (NASDAQ: SGBX) has signed a purchase agreement for a 4,063,276 square foot mixed-use property in Durant, Oklahoma. The agreement, expected to close within 60 to 90 days, aims to convert the land for manufacturing space and approximately 300 residential units. The strategic location near key highways and local attractions, including the Choctaw Nation Casino, is projected to benefit both housing demand and manufacturing operations. CEO Paul Galvin emphasized the company's commitment to the Durant community and the potential for job creation.

SG Blocks, Inc. has announced the appointment of James Henderson as the new Director of Medical Business Development. With over 10 years of experience in medical sales, he will focus on expanding the company's medical sector, which has experienced significant growth in the past year. Henderson previously worked at Owens & Minor Inc., managing a revenue-generating sales territory. The CEO expressed confidence in Henderson's ability to drive revenue and enhance the company's strategic growth initiatives.

SG Blocks, Inc. (NASDAQ: SGBX) will host a conference call on November 15, 2021, at 4:30 p.m. ET to discuss its third-quarter results for the period ending September 30, 2021. The call will be led by CEO Paul Galvin and will include a live Q&A session. Financial results will be released before the call. A replay will be available post-call until August 30, 2021. SG Blocks specializes in using code-engineered shipping containers for sustainable construction, aiming to exceed building code requirements.

SG Blocks (NASDAQ: SGBX) has leased an additional manufacturing plant in Durant, Oklahoma, intending to add two new production lines that will triple its manufacturing capacity. This strategic move, transitioning from a purchase to a lease, allows the Company to allocate capital to other business areas. Plans include hiring 75 new local employees over two years and utilizing the facility for projects in Q2 2022. The expansion aims to enhance operational efficiency and project scheduling.

SG Blocks, Inc. (NASDAQ: SGBX) announced on October 27, 2021, the closing of an issuance of approximately 3.16 million shares and warrants for gross proceeds of $11.55 million. The offering price was set at $3.65 per share. Proceeds will be used for working capital as existing projects advance. CEO Paul Galvin noted the importance of this capital raise in ensuring the Company can meet upcoming project demands amidst supply chain disruptions. SG Blocks has ongoing projects expected to generate significant manufacturing revenues, including $25 million from a condominium project and $180 million from Cumberland Inlet.

SG Blocks, Inc. (NASDAQ: SGBX) has entered a securities purchase agreement with a U.S. institutional investor to sell 3,164,384 shares of common stock and warrants to purchase up to 1,898,630 shares, generating gross proceeds of approximately $11.55 million. The shares will be sold at a combined offering price of $3.65 each, with the offering expected to close on or about October 27, 2021, pending customary closing conditions. This transaction aims to enhance the company's capital for future growth opportunities.

SG Blocks, Inc. (NASDAQ: SGBX) has announced new executive employment agreements for Williams Rogers as Chief Operating Officer and Gerald Sheeran as Acting Chief Financial Officer, both for an initial term of two years. Their performance will be evaluated based on company goals. CEO Paul Galvin emphasized the importance of a strong team for the company's growth and mission. Rogers brings over 30 years of construction experience, while Sheeran has extensive finance and accounting expertise. The company focuses on innovative modular structures using code-engineered cargo containers.