Bjarne Erik Siwert Borg has filed an initial Form 3 statement declaring beneficial ownership of securities in Safe and Green Development Corporation (SGD) as of June 17, 2025. Borg serves as a Director of the company.
The filing reveals beneficial ownership of:
- 122,030 shares of Common Stock held indirectly through Index Equity US LLC (121,992 shares) and Index Resource Equity LLC (38 shares)
- 485,766 shares of Series A Convertible Preferred Stock held indirectly through the same entities (485,616 and 150 shares respectively)
Borg serves as manager of Index Equity US LLC and Index Management Services LLC (which manages Index Resource Equity LLC). The filing includes a disclaimer of beneficial ownership except for his pecuniary interest in these securities. A Power of Attorney was executed by Nicolai Brune as Attorney-in-Fact on June 27, 2025.
Safe and Green Development Corporation (NASDAQ: SGD) filed an 8-K detailing board changes tied to the June 2, 2025 acquisition of Resource Group US Holdings LLC.
Board reconstitution: Directors Paul M. Galvin, Alyssa Richardson and Yaniv Blumenfeld resigned effective June 17 and June 23, 2025. In their place, the company appointed Bjarne Borg (Class I), James D. Burnham (Class III) and Anthony M. Cialone (Class II), all designees of Resource Group’s former members. Borg will also serve on the Nominating & Governance Committee.
Consideration issued at closing:
- 121,992 common shares, 485,616 Series A preferred shares and a US$155,397 unsecured 6 % note to Index Equity US LLC (managed by Borg).
- 38 common shares, 150 Series A preferred shares and a US$48 unsecured 6 % note to Index Resource Equity LLC.
- 94,798 common shares, 2,263,350 Series A preferred shares and a US$120,712 unsecured 6 % note to Burnham.
- 106,221 common shares, 2,537,010 Series A preferred shares and a US$135,307 unsecured 6 % note to Cialone.
Additional obligations: Resource Group US issued an 11.5 % note for US$1.255 million to Burnham, and SGD agreed to indemnify the new directors for certain Resource Group debts.
Consulting agreements: Effective June 2, 2025, Resource Group US entered into amended agreements with Cialone (AMC Environmental) and Burnham (JDB Consulting). Each receives US$25,000 per month, a US$1,250 car stipend, potential bonuses, and substantial termination fees (US$600,000; Burnham also eligible for US$72,000 health reimbursement). Both contracts impose 24-month post-termination non-compete and non-solicit covenants.
The filing contains no report of disagreements from departing directors and includes a press release (Ex. 99.1) announcing the appointments.