Safe & Green Holdings Corp. Provides Third Quarter 2024 Business Update

MIAMI, FL, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe & Green Holdings” or the “Company”), a leading developer, designer, and fabricator of modular structures, today provided a third quarter business update, highlighting recent operational achievements and strengthened financial positioning.

Recent Highlights:

• Strengthened Financial Position Through Warrant Inducement Transaction: Safe & Green recently completed a warrant inducement transaction, generating $2.4 million in gross proceeds. This influx of capital strengthens the Company's balance sheet and provides the working capital necessary to fuel ongoing and upcoming growth initiatives.
• Completion of Major Government Projects: Safe & Green successfully completed two significant projects for a U.S. government contractor, underscoring the Company’s capability to deliver high-quality modular solutions on a large scale. These projects highlight Safe & Green’s expertise in modular construction and its commitment to serving critical sectors. The successful completion of these projects enhances the Company's reputation and positions it favorably for future federal and state-level contracts, building on its proven performance in delivering complex, sustainable infrastructure.
• Refinancing of the Waldron Facility in Durant, Oklahoma: Safe & Green has successfully closed the refinancing of its Waldron Facility in Durant, OK, providing enhanced financial flexibility to support the expansion of its production capabilities. The refinancing demonstrates the Company’s strategic approach to managing its assets and optimizing its financial structure, enabling it to increase output to meet rising demand in modular construction.

Paul Galvin, Chairman of Safe & Green Holdings, commented, “This quarter represents a significant step forward for Safe & Green as we strengthen our financial base and achieve critical project milestones. Our recent warrant inducement transaction and successful refinancing reflect a solid foundation from which we can accelerate our growth. I’m particularly encouraged by the improvement in our gross profit by approximately $886 thousand and the reduction in operating expenses by over $4 million for the nine-month period, which underscores our commitment to efficiency and disciplined growth. Operationally, the completion of key government projects and new commitments for SG DevCorp demonstrate the market’s increasing recognition of our innovative, sustainable solutions. We are excited to continue driving value through our unique blend of green construction and real estate expertise.”