Safe & Green Development Corp. Enters Material Agreement
Ticker: RENX · Form: 8-K · Filed: Mar 11, 2024 · CIK: 1959023
| Field | Detail |
|---|---|
| Company | Safe & Green Development Corp (RENX) |
| Form Type | 8-K |
| Filed Date | Mar 11, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $250,000, $60,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: SGMD
TL;DR
SGMD inked a big deal March 1st, creating a new financial obligation. Details TBD.
AI Summary
Safe & Green Development Corp. entered into a material definitive agreement on March 1, 2024, which created a direct financial obligation for the registrant. The filing does not specify the nature of the agreement or the financial obligation.
Why It Matters
This filing indicates a significant new financial commitment or partnership for Safe & Green Development Corp., which could impact its future operations and financial standing.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risk or opportunity that is not yet fully detailed.
Key Players & Entities
- Safe & Green Development Corp. (company) — Registrant
- March 1, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Safe & Green Development Corp. on March 1, 2024?
The filing does not specify the nature of the material definitive agreement.
What is the specific financial obligation created by the agreement?
The filing states that a direct financial obligation was created but does not provide specific details about its amount or terms.
Who are the other parties involved in this material definitive agreement?
The filing does not disclose the names of the other parties to the agreement.
What is the principal executive office address for Safe & Green Development Corp.?
The principal executive offices are located at 990 Biscayne Blvd #501, Office 12, Miami, FL 33132.
When was this Form 8-K filed with the SEC?
This Form 8-K was filed on March 11, 2024.
Filing Stats: 690 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-03-11 16:30:11
Key Financial Figures
- $0.001 — ch Registered Common Stock, par value $0.001 SGD The Nasdaq Stock Market LLC I
- $250,000 — of Credit") up to the maximum amount of $250,000 from which the Company may draw down, a
- $60,000 — On March 4, 2024, the Company drew down $60,000 from the Line of Credit. Item 2.03 Cre
Filing Documents
- ea0201501-8k_safeand.htm (8-K) — 27KB
- ea020150101ex10-1_safeand.htm (EX-10.1) — 15KB
- 0001213900-24-021429.txt ( ) — 219KB
- sgd-20240301_lab.xml (EX-101.LAB) — 33KB
- sgd-20240301_pre.xml (EX-101.PRE) — 22KB
- sgd-20240301.xsd (EX-101.SCH) — 3KB
- ea0201501-8k_safeand_htm.xml (XML) — 4KB
01. Entry Into a Material Definitive
Item 1.01. Entry Into a Material Definitive Agreement. On March 1, 2024 Safe and Green Development Corporation (the "Company") entered into a credit agreement (the "Credit Agreement") with the Bryan Leighton Revocable Trust Dated December 13th, 2023 (the "Lender") pursuant to which the Lender agreed to provide the Company with a line of credit facility (the "Line of Credit") up to the maximum amount of $250,000 from which the Company may draw down, at any time and from time to time, during the term of the Line of Credit. The "Maturity Date" of the Line of Credit is September 1, 2024. At any time prior to the Maturity Date, upon mutual written consent of the Company and the Lender, the Maturity Date may be extended for up to an additional six month period. The advanced and unpaid principal of the Line of Credit from time to time outstanding will bear interest at a fixed rate per annum equal to 12.0% (the "Fixed Rate"). On the first day of each month, the Company will pay to the Lender interest, in arrears, on the aggregate outstanding principal indebtedness of the Line of Credit at the Fixed Rate. The entire principal indebtedness of the Line of Credit and any accrued interest thereon will be due and payable on the Maturity Date. In consideration for the extension of the Line of Credit, the Company issued 154,320 shares of the Company's restricted common stock to Lender. On March 4, 2024, the Company drew down $60,000 from the Line of Credit.
03 Creation of a Direct Financial Obligation or an Obligation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Description 10.1 Credit Agreement, dated March 1, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are 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 and Green Development Corporation Dated: March 11, 2024 By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 2