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MIAMI - Safe & Green Holdings Corp. (NASDAQ: SGBX), a developer and fabricator of modular structures, announced today its intention to acquire assets and business operations of County Line Industrial, LLC, an Oklahoma-based industrial fabrication and modular manufacturing company. The non-binding Letter of Intent is the first step towards a potential transaction, which is contingent upon the execution of a definitive Asset Purchase Agreement and customary closing conditions.
The acquisition is part of Safe & Green’s strategic growth plan and is expected to create synergies by integrating County Line Industrial’s operational expertise, which includes custom-built modular components and precision welding. This move is anticipated to streamline supply chains, enhance profitability, and quicken time-to-market for Safe & Green’s products.
County Line Industrial has established itself as a reliable provider, recognized for its operational excellence in meeting customer needs. Safe & Green aims to retain essential personnel from County Line, including General Manager Carter Fields, to ensure a smooth transition and maintain customer relationships.
Mike McLaren, CEO of Safe & Green Holdings Corp., believes the acquisition will significantly boost the company’s operational efficiency and modular capabilities. "By integrating County Line Industrial’s expertise, we are strengthening our plant’s production capacity, streamlining operations, and improving overall efficiency," said McLaren.
The acquisition also complements Safe & Green’s recent innovations with Olenox and Machfu.com, enhancing the company’s potential to attract new customers and deliver long-term value to investors.
Safe & Green is conducting thorough due diligence and targets to finalize the agreement in the first half of 2025, with further updates to be provided as the transaction progresses.
Based on a press release statement, Safe & Green Holdings Corp. specializes in the development, design, and fabrication of modular structures, catering to the demand for safe and environmentally friendly solutions across various industries. The company supports a range of clients, including third-party and in-house developers, architects, builders, and owners, aiming for faster execution, greener construction, and high-value buildings.
In other recent news, Safe & Green Holdings Corp. completed its merger with New Asia Holdings, Inc., bringing NAHD and its subsidiaries under its umbrella as indirect, wholly owned subsidiaries. This strategic move involved issuing four million shares of Series A non-voting convertible preferred shares to NAHD’s shareholders. The merger is expected to increase Safe & Green Holdings’ stockholders’ equity by approximately $60 million, aligning with Nasdaq Listing Rule 5550(b)(1) requirements. Additionally, Safe & Green Holdings entered into a financing agreement with Firstfire Global Opportunities Fund, LLC, issuing a $360,000 promissory note with a 15% annual interest rate. The note includes provisions restricting certain financial activities without the lender’s consent. In another financial development, the company issued a $143,750 promissory note to 1800 Diagonal Lending LLC, with a 15% interest charge and conversion options into common stock. Concurrently, SG Building Blocks, a subsidiary, entered a Cash Advance Agreement with Core Funding Source LLC, selling future receivables for a net amount of $63,000. These transactions reflect recent strategic and financial activities by Safe & Green Holdings Corp.
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