Safe & Green (SGBX) stock surged on Wednesday after the shipping container building company announced its plans to acquire Rock Springs Energy. It signed a non-binding Letter of Intent that would see it purchase the refinery and its associated assets, permits, intellectual property, and related documentation.
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Safe & Green estimated that it will pay $35 million to bring Rock Springs Energy into its fold. The LOI was executed on July 28, 2025, and the company expects the due diligence period to be completed within 60 days of that. It then intends to reach a definitive agreement in 30 days and close the deal within another 30 days.
Mike Mclaren, CEO of Safe & Green, said, “This LOI reflects our strategic intent to explore opportunities that align with our vision for sustainable infrastructure and domestic energy independence.”
Safe & Green Stock Movement Today
Safe & Green stock was up 72.58% in pre-market trading on Wednesday, following a 20.88% drop yesterday. The shares have fallen 59.73% year-to-date and 80.65% over the past 12 months. With today’s news came heavy trading, as some 161 million shares changed hands, compared to a three-month daily average of about 713,000 units.
Is Safe & Green Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of Safe & Green is lacking. However, TipRanks’ AI analyst Spark has it covered. Spark rates SGBX stock an Underperform (38) with no price target. It cites “significant financial challenges, with poor financial performance” as reasons for this stance.
