8-K: Current report filing
Published on November 21, 2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01. Entry Into a Material Definitive Agreement.
The information set forth under Item 8.01 below of this Current Report on Form 8-K is incorporated by reference in this Item 1.01
Item 8.01 Other Events
Effective November 15, 2024, Safe and Green Development Corporation (the “Company”) closed the sale of approximately 29 acres of land zoned for a manufacturing facility in St. Mary’s, Georgia (the “St. Mary’s Property”) to Pigmental, LLC, a Delaware limited liability company (“Pigmental Studios”), for $1.4 million, of which the Company received (i) $438,328 in cash and (ii) a 90-day promissory note for $960,672 which bears interest at 10% per annum pursuant to the Real Estate Sales Contract with Pigmental Studios, dated as of January 31, 2024, as amended as of April 25, 2024, May 17, 2024 and November 13, 2024. The St. Mary’s Property was sold in conjunction with the Company’s previously announced goal to strategically monetize some of its real estate holdings that have increased in value.
The foregoing description of the Note is qualified in its entirety by reference to the full text of the Note, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein in its entirety by reference
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are filed with this Current Report on Form 8-K:
| * | Filed herewith |
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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: November 21, 2024 | ||
| By: | /s/ Nicolai Brune | |
| Name: | Nicolai Brune | |
| Title: | Chief Financial Officer | |
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