Spin-offs/Safe & Green Holdings Corp. → Safe and Green Development Corporation

Safe and Green Development CorporationRENX

Spin-off from Safe & Green Holdings Corp. (SGBX) · Sep 27, 2023 · Nasdaq

Announced

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Form 10 filed

Feb 6, 2023

Record date

Sep 8, 2023

Distributed

Sep 27, 2023

Ratio

0.186 : 1

Debt loaded

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Cash to parent

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Latest filing

Sep 12, 2023

0.930886 SG DevCo shares for every five SG Holdings shares; about 30% of SG DevCo was distributed and the parent retained the rest

Documents

Form 10 Information statement New company filings Parent filings

Both companies today

The new company

Safe and Green Development CorporationRENX

Market cap

$7M

Moat

None

Quality

Price

$1.96

Fair value

—

Price / FV

—

The parent

Safe & Green Holdings Corp.SGBX

Not in MoatScope's coverage yet — numbers appear once the shares trade and the first filings land.

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Safe and Green Development Corporation is the real estate development business of Safe & Green Holdings, separated so that its development projects could be pursued as a stand-alone public company. Roughly 30% of its shares were distributed to SG Holdings stockholders.

Stated rationaleSG Holdings said separating the development business would let each company pursue its own strategy and growth plans.

The four questions

The four-question write-up for Safe and Green Development Corporation is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.