Safe & Green Development Corp. Faces Nasdaq Delisting Warning

TL;DR

Nasdaq's threatening to kick SGDev off the exchange, company's fighting to stay listed.

AI Summary

Safe & Green Development Corp. (SGDev) announced on April 16, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet continued listing requirements. The company has been granted a period to regain compliance, with a specific deadline to be determined by Nasdaq.

Why It Matters

This filing signals potential delisting from Nasdaq, which could significantly impact the company's stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — Receiving a delisting notice from a major exchange like Nasdaq presents a significant risk to the company's operations and stock value.

Key Players & Entities

• Safe & Green Development Corp. (company) — Registrant
• Nasdaq Stock Market (company) — Listing Exchange
• April 16, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SGD The Nasdaq Stock Market LLC I
• $1,887,777 — stockholders' equity of the Company of $1,887,777 as of December 31, 2023, as reported in
• $2,500,000 — 4, was below the minimum requirement of $2,500,000. As of the date of this Current Report
• $35 m — a market value of listed securities of $35 million, or net income from continued ope
• $500,000 — net income from continued operations of $500,000 in the most recently completed fiscal y

Filing Documents

• ea0204027-8k_safeand.htm (8-K) — 27KB
• 0001213900-24-034544.txt ( ) — 201KB
• sgd-20240416.xsd (EX-101.SCH) — 3KB
• sgd-20240416_lab.xml (EX-101.LAB) — 33KB
• sgd-20240416_pre.xml (EX-101.PRE) — 22KB
• ea0204027-8k_safeand_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 16, 2024, Safe and Green Development Corporation (the "Company") received a letter (the "Notification Letter") from The Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the "Rule") because the stockholders' equity of the Company of $1,887,777 as of December 31, 2023, as reported in the Company's Annual Report on Form 10-K filed with the SEC on April 1, 2024, was below the minimum requirement of $2,500,000. As of the date of this Current Report on Form 8-K, the Company does not have a market value of listed securities of $35 million, or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, the alternative quantitative standards for continued listing on the Nasdaq Capital Market. The notification received has no immediate effect on the Company's continued listing on the Nasdaq Capital Market, subject to the Company's compliance with the other continued listing requirements. Pursuant to Nasdaq's Listing Rules, the Company has 45 calendar days (until May 31, 2024), to submit a plan to evidence compliance with the Rule (a "Compliance Plan"). The Company intends to submit a Compliance Plan within the required time, although there can be no assurance that the Compliance Plan will be accepted by Nasdaq. If the Compliance Plan is accepted by Nasdaq, the Company will be granted an extension of up to 180 calendar days from April 16, 2024 to evidence compliance with the Rule. In the event the Compliance Plan is not accepted by Nasdaq, or in the event the Compliance Plan is accepted but the Company fails to evidence compliance within the extension period, the Company will have the right to a hearing before Nasdaq's Hearing Panel. The hearing request would stay any suspension or delisting

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: April 19, 2024 By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR