Safe & Green Holdings Corp. Files 8-K on Disposal Costs
Ticker: OLOX · Form: 8-K · Filed: Mar 19, 2024 · CIK: 1023994
Sentiment: neutral
Topics: 8-K, disposal-activities, financial-statements
Related Tickers: SGHI
TL;DR
SGHI filed an 8-K on disposal costs, earliest event March 15, 2024.
AI Summary
Safe & Green Holdings Corp. filed an 8-K on March 19, 2024, reporting on cost associated with exit or disposal activities and financial statements. The earliest event reported was March 15, 2024. The company was formerly known as SG Blocks, Inc.
Why It Matters
This filing indicates potential restructuring or divestiture activities within Safe & Green Holdings Corp., which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — Filings related to disposal activities can signal financial distress or strategic shifts, warranting closer examination of the company's financial health and future prospects.
Key Players & Entities
- SAFE & GREEN HOLDINGS CORP. (company) — Registrant
- March 15, 2024 (date) — Earliest event reported
- March 19, 2024 (date) — Date of report
- SG BLOCKS, INC. (company) — Former company name
FAQ
What specific activities are associated with the 'exit or disposal' mentioned in the filing?
The filing does not provide specific details on the nature of the exit or disposal activities, only that it is a subject of the report.
What financial statements are being filed alongside this 8-K?
The filing indicates that financial statements are being filed, but the specific statements are not detailed within the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on March 15, 2024.
What was Safe & Green Holdings Corp. formerly known as?
Safe & Green Holdings Corp. was formerly known as SG Blocks, Inc.
What is the primary business of Safe & Green Holdings Corp. according to its SIC code?
According to its Standard Industrial Classification (SIC) code 5030, the company is involved in Wholesale - Lumber & Other Construction Materials.
Filing Stats: 622 words · 2 min read · ~2 pages · Grade level 12.5 · Accepted 2024-03-18 20:08:33
Key Financial Figures
- $0.01 — ch Registered Common Stock, par value $0.01 SGBX The Nasdaq Stock Market LLC
- $375,000 — estimates cost savings of approximately $375,000 per month as compared to January 2024.
Filing Documents
- ea0202072-8k_safegreen.htm (8-K) — 26KB
- 0001213900-24-023640.txt ( ) — 223KB
- sgbx-20240315.xsd (EX-101.SCH) — 3KB
- sgbx-20240315_def.xml (EX-101.DEF) — 26KB
- sgbx-20240315_lab.xml (EX-101.LAB) — 33KB
- sgbx-20240315_pre.xml (EX-101.PRE) — 22KB
- ea0202072-8k_safegreen_htm.xml (XML) — 4KB
05 Costs Associated with Exit or Disposal
Item 2.05 Costs Associated with Exit or Disposal Activities On March 15, 2024, Safe & Green Holdings Corp. (the "Company") announced actions taken to reduce operating costs and continue advancing the Company's ongoing commitment to profitability. This includes a reduction of the workforce of Company's subsidiary SG Echo, LLC, a Delaware limited liability company ("SG Echo") by approximately 65 positions. Decisions regarding the elimination of positions are subject to local law and the Company's business needs. The Company estimates that no additional charges will be incurred in connection with the reduction in the workforce of SG Echo, LLC. The Company estimates cost savings of approximately $375,000 per month as compared to January 2024. The actions are expected to be substantially complete by the end of the Company's first quarter 2024, subject to local law and consultation requirements. The estimates of the charges and expenditures that the Company expects to incur in connection with the actions taken, and the timing thereof, are subject to a number of assumptions, including local law requirements in Oklahoma, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the layoffs as described. A letter to the Company's employees from Paul Galvin, the Company's Chair and Chief Executive Officer, is attached to the Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the inline XBRL document) 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SAFE & GREEN HOLDINGS CORP. Dated: March 18, 2024 By: /s/ Patricia Kaelin Name: Paticia Kaelin Title: Chief Financial Officer 2