Safe and Green Development eliminates all convertible debt

Safe and Green Development Corporation (NASDAQ: SGD) announced it has satisfied and retired all outstanding convertible debt obligations, according to a company statement released October 30.

The Miami-based real estate and technology development company completed the debt elimination as part of efforts to strengthen its balance sheet. Chief Executive Officer David Villarreal said the action "enhances our financial flexibility and supports our long-term goal of building sustainable value for our shareholders."

Safe and Green Development focuses on acquiring and investing in properties across the United States for future development into residential housing projects. The company was formed in 2021 and operates through its wholly owned subsidiary Resource Group US Holdings LLC.

Resource Group operates a permitted 80-acre organics processing facility in Florida that processes source-separated green waste. The subsidiary is expanding into production of potting media and soil substrates and operates a logistics platform providing transportation services for biomass, solid waste, and recyclable materials.

The company did not disclose the amount of convertible debt that was retired or the method used to satisfy the obligations.

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