SGBX - Safe & Green ticks higher after executes LOI to sell Lago Vista site for $12.5M
2023-06-15 09:06:37 ET
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Safe & Green ( NASDAQ: SGBX ) said Thursday it has entered into a letter of intent to sell its Lago Vista site for $12.5 million.
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The company initially acquired the property in 2021 for $3.5 million.
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The LOI is non-binding and subject to a number of conditions, including execution of a final purchase and sale agreement.
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“The planned sale of this property illustrates our ability to maximize and monetize assets, and should significantly enhance our balance sheet. In turn, this infusion of non-dilutive capital should allow us to capitalize on new and exciting projects underway, which we believe will help accelerate growth and drive profitability," said Paul Galvin, Chairman and CEO of Safe & Green Holdings.
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SGBX +6.32% to $1.01 in premarket trading on Thursday.
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Safe & Green ticks higher after executes LOI to sell Lago Vista site for $12.5M