Safe & Green Receives Delisting Notice from Nasdaq

Safe & Green Holdings Corp. (NASDAQ:SGBX) has recently been served with a delisting notice by The Nasdaq Stock Market LLC. On November 18, 2024, the company received a letter from Nasdaq’s Listing Qualifications Department stating that Safe & Green Holdings Corp. had fallen out of compliance with the minimum stockholders’ equity requirement necessary for continued listing on The Nasdaq Capital Market.

The minimum stockholders’ equity rule, as per Nasdaq Listing Rule 5550(b)(1), mandates that listed companies must uphold stockholders’ equity of at least $2.5 million. Failure to meet this requirement may result in delisting from the exchange. Unless Safe & Green Holdings Corp. appeals Nasdaq’s decision, its common stock will be suspended from trading starting November 27, 2024. In tandem, a Form 25-NSE will be filed with the Securities and Exchange Commission, initiating the removal of the company’s securities from listing and registration on The Nasdaq Capital Market.

In response to this development, Safe & Green Holdings Corp. submitted an appeal to Nasdaq’s Hearing Panel on November 21, 2024, in accordance with the processes outlined in the Nasdaq Listing Rule 5800 Series. The submission for a hearing will postpone the suspension of the company’s securities and the filing of the Form 25-NSE until the Panel renders a decision. However, there is no guarantee that the Panel will grant the company’s request for continued listing on Nasdaq.

The company’s Chief Financial Officer, Patricia Kaelin, signed off on the report confirming the developments. Safe & Green Holdings Corp. is now awaiting further decisions from Nasdaq regarding its continued listing status.

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. designs and modifies code-engineered cargo shipping containers and purpose-built modules for commercial, industrial, and residential building construction in the United States. It redesigns, repurposes, and convert heavy-gauge steel cargo shipping containers into Safe & Green, which are green building blocks for construction.