Safe & Green Holdings Faces Nasdaq Delisting Warning
Ticker: OLOX · Form: 8-K · Filed: Apr 29, 2024 · CIK: 1023994
Sentiment: bearish
Topics: delisting, board-changes, executive-changes
Related Tickers: SGHI
TL;DR
Nasdaq's threatening to kick SGHI off the exchange, plus board and exec shake-ups.
AI Summary
Safe & Green Holdings Corp. announced on April 17, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements. The company is also reporting changes in its board of directors and executive officers, including the election of new directors and appointments of certain officers. Additionally, the filing details compensatory arrangements for certain officers.
Why It Matters
This filing signals potential delisting from Nasdaq, which could significantly impact the company's liquidity, stock price, and ability to raise capital.
Risk Assessment
Risk Level: high — The company has received a notice of delisting from the Nasdaq Stock Market, indicating a significant risk to its continued public trading.
Key Players & Entities
- SAFE & GREEN HOLDINGS CORP. (company) — Registrant
- Nasdaq Stock Market (company) — Listing Exchange
- April 17, 2024 (date) — Date of earliest event reported
FAQ
What specific continued listing rule did Safe & Green Holdings Corp. fail to meet?
The filing states the company received a notice of "failure to satisfy a continued listing rule or standard" but does not specify which rule was violated.
What is the potential consequence of failing to meet Nasdaq's listing requirements?
The notice indicates a potential delisting from the Nasdaq Stock Market.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on April 17, 2024.
Besides the delisting notice, what other significant events are reported?
The filing also reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
What was Safe & Green Holdings Corp.'s former name?
The company was formerly known as SG BLOCKS, INC., CDSI HOLDINGS INC, and PC411 INC.
Filing Stats: 1,130 words · 5 min read · ~4 pages · Grade level 11.2 · Accepted 2024-04-29 16:56:56
Key Financial Figures
- $0.01 — ch Registered Common Stock, par value $0.01 SGBX The Nasdaq Stock Market LLC
- $80,000 — receive (i) an annual cash retainer of $80,000 which is paid in quarterly installments
Filing Documents
- ea0204912-8k_safegreen.htm (8-K) — 31KB
- ea0204912ex17-1_safegreen.htm (EX-17.1) — 4KB
- 0001213900-24-037250.txt ( ) — 236KB
- sgbx-20240417.xsd (EX-101.SCH) — 3KB
- sgbx-20240417_def.xml (EX-101.DEF) — 26KB
- sgbx-20240417_lab.xml (EX-101.LAB) — 33KB
- sgbx-20240417_pre.xml (EX-101.PRE) — 22KB
- ea0204912-8k_safegreen_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 19, 2024, Safe & Green Holdings Corp. (the "Company") received a delinquency letter (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the continued listing requirements set forth in Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires timely filing of periodic reports with the Securities and Exchange Commission (the "SEC") for continued listing. Nasdaq rules require public announcement to disclose the Company's receipt of the Notice within four business days of receipt. In accordance with Nasdaq rules, the Company has 60 calendar days from the date of the Notice, or no later than June 18, 2024, to submit a plan to regain compliance with the Rule. The Company intends to submit a compliance plan within 60 calendar days of the date of the Notice and will evaluate available options to regain compliance. If the Company's compliance plan is accepted, the Company may be granted up to 180 calendar days from April 16, 2024, or until October 14, 2024, to evidence compliance with the Rule. The Company intends to submit a compliance plan on or before June 18, 2024 and, if appropriate, consider further available options to evidence compliance with the Rule. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 17, 2024, the Chairman of the Board of Directors (the "Board") and Chief Executive Officer of the Company received a letter (the "Resignation Letter") from Christopher Melton pursuant to which he resigned as a member of the Board, effective immediately. Prior to his resignation, Mr. Melton was serving as the lead independent director of the Board and chair of the Board's Audit Committee and was a member of the Board's Compensation Committee and Nominating, Environment
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit Number Description 17.1 Resignation Letter of Christopher Melton, dated April 17, 2024 104 Cover Page Interactive Data File (embedded within the inline XBRL document) 2
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: April 29, 2024 By: /s/ Patricia Kaelin Name: Paticia Kaelin Title: Chief Financial Officer 3