Safe and Green Development Corporation Announces Compliance with NASDAQ Continued Listing Requirements

Rhea-AI Summary

Safe and Green Development (NASDAQ: SGD) has announced that it believes it has met NASDAQ's stockholders' equity requirement under Listing Rule 5550(b), regaining compliance with continued listing standards. However, NASDAQ will continue monitoring SGD's ongoing compliance with the stockholders' equity requirement. The company could face potential delisting if it fails to maintain compliance in its next periodic report.

Positive

• Regained compliance with NASDAQ listing requirements
• Met stockholders' equity requirement under Rule 5550(b)

Negative

• Risk of future delisting if compliance not maintained in next periodic report
• Continued monitoring by NASDAQ indicates ongoing scrutiny

MIAMI, Feb. 13, 2025 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ: SGD) (the "Company") announced today that it believes that it has met the stockholders' equity requirement under NASDAQ Listing Rule 5550(b) and has regained compliance with NASDAQ's continued listing standards.

Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance it may be subject to delisting.

About Safe and Green Development Corporation (SG Devco)

Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses primarily on the direct acquisition and indirect investment in properties nationally that will be further developed in the future into green single or multi-family projects. Additionally, a wholly-owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created a real estate AI Platform the Company uses to strategically increase the margins on homes sold by facilitating mortgage services and down payment assistance. MyVONIA Innovations LLC, a wholly owned subsidiary, is the owner of MyVONIA which is an AI-powered personal assistant designed to help simplify daily tasks and improve productivity for individuals and businesses.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical fact are or may be deemed to be forward-looking statements. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions and include statements regarding regaining compliance with NASDAQ's continued listing standards, using Majestic World Holdings LLC's real estate AI Platform to strategically increase the margins on homes sold by facilitating mortgage services and down payment assistance and MyVONIA simplifying daily tasks and improve productivity for individuals and businesses.

These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, and expected future developments, as well as other factors we believe are appropriate in the circumstances. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to comply with NASDAQ Listing Rule 5550(b) on an ongoing basis, the Company's ability to use Majestic World Holdings LLC's real estate AI Platform to strategically increase the margins on homes sold by facilitating mortgage services and down payment assistance, MyVONIA's ability to simplify daily tasks and improve productivity and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

For investor relations and media inquiries, please contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461

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SOURCE Safe and Green Development Corporation

FAQ

What NASDAQ compliance requirements did SGD meet in February 2024?

SGD met the stockholders' equity requirement under NASDAQ Listing Rule 5550(b), regaining compliance with NASDAQ's continued listing standards.

What happens if SGD fails to maintain NASDAQ compliance in its next periodic report?

If SGD does not demonstrate compliance with stockholders' equity requirements in its next periodic report, the company may be subject to delisting from NASDAQ.

How will NASDAQ monitor SGD's continued compliance?

NASDAQ will continue to monitor SGD's ongoing compliance with the stockholders' equity requirement through review of periodic reports.

What is the significance of SGD meeting NASDAQ's listing requirements for investors?

Meeting NASDAQ listing requirements is important for investors as it ensures the company maintains its listing on the exchange, providing continued access to public markets and stock liquidity.