Safe & Green Development Corp. Files 8-K

TL;DR

SGMD filed an 8-K on Oct 7th for an event on Oct 1st - likely a new deal.

AI Summary

On October 1, 2024, Safe & Green Development Corp. entered into a material definitive agreement. The company, incorporated in Delaware with its principal executive offices in Miami, FL, filed this 8-K report on October 7, 2024. The filing pertains to a current report under the Securities Exchange Act of 1934.

Why It Matters

This filing indicates a significant event for Safe & Green Development Corp., likely related to a new contract or business arrangement that could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — An 8-K filing signifies a material event, which could introduce new risks or opportunities that are not yet fully understood.

Key Players & Entities

• Safe & Green Development Corp. (company) — Registrant
• October 1, 2024 (date) — Date of earliest event reported
• October 7, 2024 (date) — Date of report
• Delaware (jurisdiction) — State of incorporation
• Miami, FL (location) — Address of Principal Executive Offices
• 646 - 240-4235 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SGD The Nasdaq Stock Market LLC I
• $10,000 — t, the Company has agreed to contribute $10,000 to the Joint Venture as an initial capi
• $39,000 — provides that Milk & Honey will receive $39,000 for each lot of land sold by the Joint

Filing Documents

• ea0216958-8k_safeandgreen.htm (8-K) — 32KB
• ea021695801ex10-1_safe.htm (EX-10.1) — 166KB
• ex10-1_001.jpg (GRAPHIC) — 41KB
• ex10-1_002.jpg (GRAPHIC) — 62KB
• 0001213900-24-085901.txt ( ) — 540KB
• sgd-20241001.xsd (EX-101.SCH) — 3KB
• sgd-20241001_lab.xml (EX-101.LAB) — 33KB
• sgd-20241001_pre.xml (EX-101.PRE) — 22KB
• ea0216958-8k_safeandgreen_htm.xml (XML) — 4KB

01. Entry Into a Material Definitive

Item 1.01. Entry Into a Material Definitive Agreement. On October 1, 2024, the Company entered into a Joint Venture Agreement (the "JV Agreement") with Milk & Honey LLC, a Texas limited liability company ("Milk & Honey"), for the purpose of establishing a joint venture to be conducted under the name of Hacienda Olivia Phase II LLC (the "Joint Venture") for the purpose of developing and constructing a single family homes (the "Project") on fifty-seven (57) lots of land located in Hidalgo County, Texas (the "Land"). Each of the Company and Milk & Honey are referred to as a "Joint Venturer" and collectively are referred to as the "Joint Venturers." The Company is the manager of the Joint Venture. Pursuant to JV Agreement, the Company has agreed to contribute $10,000 to the Joint Venture as an initial capital contribution for the specific purpose of satisfying the existing mortgage on the Land, and Milk & Honey has agreed to contribute the Land to the Joint Venture. The JV Agreement further provides that the Company shall make such other capital contributions required to enable the Joint Venture to carry out its purposes as the Joint Venturers may mutually agree upon, shall provide construction financing for the Joint Venture and shall arrange for or provide any financing as may be required by the Joint Venture for carrying out the purposes of the Joint Venture. The JV Agreement provides that the Company will have a 60% interest and Milk & Honey will have a 40% interest in the Joint Venture. In addition, it provides that Milk & Honey will receive $39,000 for each lot of land sold by the Joint Venture, and that after the payment of such amount, net profits of the Joint Venture will be distributed 50% to the Company and 50% to Milk & Honey, and that all losses and disbursements in acquiring, holding and protecting the business interest and the net profits of the Joint Venture will be paid by the Joint Venturers, in the ratio which the contribution of each Joint Ventur

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits The following exhibits are filed with this Current Report on Form 8-K: Exhibit Number Exhibit Description 10.1* Joint Venture Agreement, dated October 1, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) * Exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted exhibit to the SEC upon request. 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: October 7, 2024 By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR