[144] AnaptysBio, Inc. SEC Filing

Rhea-AI Filing Summary

Safe and Green Development Corporation (Nasdaq: SGD) filed a Form 8-K to disclose an Amendment to a Balloon Payment Promissory Note originally issued on 15 Nov 2024 to Pigmental LLC. The note’s outstanding principal remains $960,672. Under the revised terms, SGD has already received an $40,000 earnest-money payment. The borrower must deliver a second installment of $250,000 on or before 30 Jul 2025 (with a discretionary 30-day extension) and a final payment of $670,672 on or before 30 Oct 2025 (extension to 29 Nov 2025 if the second payment is deferred).

The amendment strengthens lender protections through:

• Automatic acceleration of all amounts due if any scheduled payment is missed.
• Cross-default for obligations exceeding $50,000.
• Default upon material adverse change in the borrower’s financial condition.
• Default for failure to perfect security interests.

The full amendment is filed as Exhibit 99.1.

No equity issuance, business combination, or earnings data were included. The disclosure is routine but provides clarity on expected cash inflows and tighter credit terms designed to mitigate counter-party risk.

Positive

• $40,000 cash already received, boosting near-term liquidity.
• Stronger covenants (automatic acceleration, cross-default, MAC clause) enhance lender protections.
• Defined payment schedule could convert entire $960,672 receivable to cash by Q4 2025.

Negative

• Borrower’s need for staged payments suggests liquidity risk, raising probability of default.
• Event is immaterial to overall valuation; potential legal costs if enforcement becomes necessary.

Insights

Financial Analyst

TL;DR: Minor cash inflow, improved credit terms; immaterial to valuation unless borrower defaults or payments accelerate.

The amendment locks in a payment schedule that should deliver $960k (≈ one-third of SGD’s 2024 total operating cash burn) by Q4 2025. The initial $40k helps liquidity immediately. Automatic acceleration and expanded default triggers improve SGD’s negotiating position, but effective recovery still hinges on Pigmental’s solvency. Because the note’s principal is modest relative to market cap and no equity is issued, impact on capital structure and EPS is negligible. Investors should monitor adherence to the July and October milestones for signs of credit risk.

Risk Analyst

TL;DR: Strengthened covenants reduce counter-party risk, but default possibility remains.

The amendment broadens default definitions—cross-default at >$50k obligations and material adverse change language—giving SGD faster legal recourse. However, staged payments indicate borrower cash constraints. If Pigmental misses the July installment, SGD may need to enforce the note, potentially leading to litigation costs and delayed recovery. Overall credit exposure is below $1 million, keeping enterprise-level risk low.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
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Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
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144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

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Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	3015	72269.55	29380496	06/18/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	06/15/2025	Restricted Stock	ISSUER			3015	06/15/2025	Not Applicable

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

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Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

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ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did Safe and Green Development Corporation (SGD) disclose in the June 23 2025 8-K?

SGD announced an amendment to a $960,672 promissory note with Pigmental LLC, including new payment dates and strengthened default terms.

How much cash has SGD already received under the amended note?

SGD received an initial $40,000 earnest-money payment upon signing the amendment.

When are the remaining payments due from Pigmental LLC?

A payment of $250,000 is due by 30 Jul 2025 (plus optional 30-day extension) and $670,672 by 30 Oct 2025 (or 29 Nov 2025 if extended).

What triggers an automatic acceleration of the note?

Any missed scheduled payment, cross-default over $50,000, material adverse change in the borrower’s financial condition, or failure to perfect security interests.

Is the amendment likely to affect SGD shareholders?

Impact is expected to be neutral; the note is under $1 million and no equity or debt issuance by SGD is involved.