Safe & Green Development Corp. Faces Nasdaq Delisting Warning

TL;DR

SGD got a Nasdaq delisting warning, has 180 days to fix its stock price.

AI Summary

Safe & Green Development Corp. (NASDAQ: SGD) announced on August 26, 2024, that it received a notification from Nasdaq regarding its failure to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The company has 180 calendar days to regain compliance.

Why It Matters

This filing indicates potential delisting from a major stock exchange, which could significantly impact the company's liquidity, investor confidence, and ability to raise capital.

Risk Assessment

Risk Level: high — Failure to meet continued listing requirements on a major exchange like Nasdaq poses a significant risk to the company's operations and stock value.

Key Numbers

• 180 — days (Timeframe to regain compliance with Nasdaq listing rules)

Key Players & Entities

• Safe & Green Development Corp. (company) — Registrant
• Nasdaq (company) — Stock Exchange
• August 26, 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
• $2,018,263 — stockholders' equity of the Company of $2,018,263 as of June 30, 2024, as reported in the
• $2,500,000 — 4, was below the minimum requirement of $2,500,000 (the "Stockholders' Equity Requirement"
• $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
• $1.00 — maintain a minimum closing bid price of $1.00 for the preceding 30 consecutive busine

Filing Documents

• ea0212470-8k_safe.htm (8-K) — 27KB
• 0001213900-24-074507.txt ( ) — 199KB
• sgd-20240826.xsd (EX-101.SCH) — 3KB
• sgd-20240826_lab.xml (EX-101.LAB) — 33KB
• sgd-20240826_pre.xml (EX-101.PRE) — 22KB
• ea0212470-8k_safe_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 August 26, 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 $2,018,263 as of June 30, 2024, as reported in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 14, 2024, was below the minimum requirement of $2,500,000 (the "Stockholders' Equity Requirement"). 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 October 10, 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 August 26, 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

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: August 30, 2024 By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR