SGBX - Why Safe & Green Holdings Shares Are Down 25% | Benzinga
Safe & Green Holdings Corp (NASDAQ:SGBX) shares are trading lower by 25% to $4.15 during Monday’s session after the company announced pricing of a $4 million private placement priced at-the-market under Nasdaq rules.
The company has finalized a securities purchase agreement with an institutional investor for the sale of 1,379,310 shares of its common stock and warrants for up to 2,758,620 shares at $2.90 per share. The warrants, priced at $2.65 per share, become exercisable immediately and expire five years from the registration statement’s effective date.
The offering is expected to close around May 7, pending customary conditions, with anticipated gross proceeds of approximately $4 million. The company says funds will be allocated towards general corporate purposes and potentially repaying ...