Safe and Green Development CEO sends letter to shareholders

Safe and Green Development releases a letter to shareholders from SG Devco CEO, David Villarreal: “Dear SGD Shareholders, I wanted to take a quick moment of your time to address the recent reverse stock split & the subsequent trading of the stock since then. I would like to begin by stating that our reverse stock split was completed after receiving shareholder approval to do so. We took this step to be able maintain our NASDAQ Listing and comply with NASDAQ minimum bid price requirements. We waited as long as possible prior to having to effectuate a reverse split. We have been disappointed to see this recent trading in the stock after the split whereby we have gone from trading at an approximately $5M market cap down to a $2.5M market cap without any fundamental changes to the business and / or operations. To put this into perspective, the company’s real estate assets were previously appraised at approximately $50M. Even if we discount appraised value and subtract out the debt on the properties, there is still significantly more value than the $2.5M market cap. Therefore, we do not believe that the current market capitalization is reflective of the value of the company. In the past year, the company has grown via strategic acquisition and joint ventures, both of which should shortened the timeline to revenue generation. The company is poised to execute its business plan in developing safe and environmentally conscious housing while facilitating the path to homeownership via its current and developing technology platforms. Recent news releases have highlighted the rapid progress in our South Texas growth market that we anticipate will be a main source of revenue generation in 2025 and beyond. Our strategic asset sales remain in play to shore up our balance sheet in an aim to reduce the company’s interest expense in the long term. Over the past year, the company has repositioned itself to be able to capitalize on all initiatives in the real estate space and management and the team is ready to accelerate these efforts into rapid growth throughout Q4 and heading into an exciting 2025. Thank you all for your continued support.”