Safe & Green Development Corp. Files 8-K for Material Agreement

TL;DR

SGC enters material definitive agreement, 8-K filed 2/3/25.

AI Summary

Safe & Green Development Corp. entered into a material definitive agreement on January 29, 2025. The company, incorporated in Delaware, filed a Form 8-K with the SEC on February 3, 2025, reporting this event. The filing also includes financial statements and exhibits.

Why It Matters

This filing indicates a significant new contract or partnership for Safe & Green Development Corp., which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities, the specifics of which are not detailed in this initial 8-K filing.

Key Numbers

• 001-41581 — SEC File Number (Identifies the company's filing history with the SEC.)
• 87-1375590 — IRS Employer Identification Number (Company's tax identification number.)

Key Players & Entities

• Safe & Green Development Corp. (company) — Registrant
• January 29, 2025 (date) — Date of earliest event reported
• February 3, 2025 (date) — Filing date
• Delaware (jurisdiction) — State of Incorporation
• 001-41581 (company_id) — SEC File Number
• 87-1375590 (tax_id) — IRS Employer Identification Number
• 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
• $908,322.95 — ust 9, 2023, in the principal amount of $908,322.95 and in respect of $815,522 of inter-com
• $815,522 — amount of $908,322.95 and in respect of $815,522 of inter-company advances from the Comp
• $394,329 — 1, 2023) in exchange for SGBX forgiving $394,329 of inter-company debt owed to SGBX by t

Filing Documents

• ea0229672-8k_safe.htm (8-K) — 27KB
• ea022967201ex10-1_safe.htm (EX-10.1) — 7KB
• 0001213900-25-009414.txt ( ) — 208KB
• sgd-20250129.xsd (EX-101.SCH) — 3KB
• sgd-20250129_lab.xml (EX-101.LAB) — 33KB
• sgd-20250129_pre.xml (EX-101.PRE) — 22KB
• ea0229672-8k_safe_htm.xml (XML) — 4KB

01. Entry Into a Material Definitive

Item 1.01. Entry Into a Material Definitive Agreement. On January 29, 2025, Safe and Green Development Corporation (the "Company") entered into a mutual release and discharge agreement (the "Mutual Release") with Safe & Green Holdings Corp. ("SGBX") pursuant to the Company has forgiven and released from its obligations to the Company under that certain promissory note, dated August 9, 2023, in the principal amount of $908,322.95 and in respect of $815,522 of inter-company advances from the Company to SGBX (which amounts had been written off the Company's balance sheet as of December 31, 2023) in exchange for SGBX forgiving $394,329 of inter-company debt owed to SGBX by the Company and for SGBX transferring 276,425 shares (the "Shares") of Company Common Stock owned by SGBX to the Company. SGBX has agreed to return the Shares to the Company within 48 hours. The Company currently plans to hold the Shares in its treasury. As a result of this agreement, SGBX will no longer be a stockholder of the Company. The foregoing description of the Mutual Release does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Mutual Release, a copy of which is attached hereto as Exhibit 10.1, and incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Description 10.1 Mutual Release and Discharge, dated January 29, 2025, between Safe and Green Development Corporation and Safe & Green Holdings Corp. 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: February 3, 2025 By: /s/ Nicolai Brune Name: Nicolai Brune Title: Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR