Safe & Green Holdings Corp. Announces Binding Letter of Intent for Acquisition

Safe & Green Holdings Corp. (NASDAQ: SGBX) disclosed today the signing of a binding Letter of Intent on January 8, 2025, with New Asia Holdings, Inc. (NAHD) and Olenox Corp., marking a significant step towards a potential transaction. Under the terms outlined in the agreement, Safe & Green Holdings Corp., a Delaware corporation, would acquire all of the issued and outstanding securities of NAHD in exchange for shares of Safe & Green stock.

The Letter of Intent values the shares of Company stock to be issued at $1.00 per share, while the shares of NAHD to be acquired are valued at $0.20 per share. This move is a strategic measure, subject to the satisfaction of conditions specified in the Letter of Intent and any subsequent definitive agreements to be executed.

This transaction, if completed, is anticipated to pave the way for further development within the company’s operations. The Letter of Intent establishes the framework for the parties involved to proceed towards closing the Transaction, aiming for efficiency and reliability in their collaborative efforts.

The formal agreement is contingent upon various factors, including the satisfactory completion of due diligence, the execution of definitive transaction documents, essential consents and approvals, and customary closing conditions. The prospective closure of this transaction carries the potential to enhance the respective parties’ positions in the market and may lead to impactful outcomes across the industry.

Notably, the parties have agreed to work diligently towards the preparation and finalization of decisive agreements that align with the principles set forth in the Letter of Intent. The Letter of Intent also provides provisions for termination by either party based on specific circumstances, such as completion of due diligence or by providing written notice before January 28, 2025.

It’s essential to note the existing relationship between Safe & Green Holdings Corp. and the Seller, as Michael McLaren holds key roles within the two entities. Michael McLaren serves as the Chief Executive Officer and Chairman of the board at Safe & Green Holdings Corp., in addition to being the sole officer and director at NAHD, and the Chief Executive Officer and a board member at Olenox Corp.

Further details and comprehensive information regarding this significant development can be found in the full text of the Letter of Intent, available as Exhibit 10.1 in the Current Report on Form 8-K.

In related news, on January 14, 2025, Safe & Green Holdings Corp. issued a press release notifying the public of the Letter of Intent. This disclosure, outlined in Exhibit 99.1 of the Current Report, sheds light on the Company’s proactivity in providing transparency and key updates to its stakeholders.

The Company reminds its shareholders and market participants that forward-looking statements involve inherent risks and uncertainties. While the Company aims to provide insights into future events and business strategies, actual results may differ due to various factors that are detailed in the Company’s filings with the Securities and Exchange Commission (SEC). Safe & Green Holdings Corp. reiterates its commitment to compliance and diligence, promising updates as per legal requirements.

Investors and shareholders can stay informed about Safe & Green Holdings Corp.’s growth trajectory by following its performance indicators and official communications as it navigates this transformative phase in its business operations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Safe & Green’s 8K filing here.

Safe & Green Company Profile

Safe & Green Holdings Corp. is a design and construction services company, which engages in the provision of code engineered cargo shipping containers. It operates through the following segments: Construction, Medical, Development, and Corporate and Support. The Construction Services segment includes the manufacturing of unit SG ECHO and other modules projects.