Safe & Green Holdings wins additional $1.157 million in lawsuit

MIAMI - Safe & Green Holdings Corp. (NASDAQ: SGBX), a company specializing in modular construction solutions, has been awarded approximately $1.157 million by a court to cover legal fees and expenses related to its lawsuit against EDI International. This sum is in addition to a previous jury verdict that awarded the company $1.274 million in damages. Both the award for attorney’s fees and the jury verdict are subject to potential appeals.

Mike McLaren, Chairman and CEO of Safe & Green Holdings, expressed satisfaction with the court’s decision, seeing it as further validation of their case against EDI International. He also pledged to keep shareholders informed of any further developments.

The Miami-based company is recognized for its work in the development, design, and fabrication of modular structures, promoting safer and more environmentally friendly building solutions across various industries. Safe & Green Holdings supports a range of clients, including developers, architects, builders, and owners, to achieve more efficient construction processes and higher-value buildings.

Despite the positive outcome for Safe & Green Holdings, the company cautions that the recent court order and jury verdict are not final and may be challenged on appeal. The ability of the company to collect on the judgment and court-ordered award remains contingent on the outcome of these appeals.

Safe & Green Holdings maintains its commitment to innovation in the field of modular construction and continues to uphold its status on the NASDAQ stock exchange. The company’s forward-looking statements are based on current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially.

This news is based on a press release statement from Safe & Green Holdings Corp., and it reflects the company’s current position and future expectations regarding the litigation and its business operations. Investors are advised to follow the company’s filings with the SEC for the most accurate and up-to-date information regarding its legal and financial status.

In other recent news, Safe & Green Holdings Corp. has announced its intent to acquire Giant Containers Inc., which includes taking over projects valued at $6.8 million. This acquisition aims to enhance Safe & Green’s project pipeline across various builds in North America. Additionally, the company has completed the acquisition of oil assets from Sherman Oil Company, adding 1,600 acres of oil wells and leases to its portfolio. This strategic move is expected to increase oil production using proprietary technology.

In a separate development, Safe & Green has secured a new contract with Three Pines Leasing to provide modular units anticipated for a U.S. government agency. Furthermore, the company has appointed Samarth Verma to its Board of Directors, following the departure of Shafron Hawkins. Verma’s experience in technology and corporate development is expected to support the company’s growth initiatives.

However, Safe & Green is facing a potential Nasdaq delisting due to concerns over shareholder dilution. The company plans to appeal the decision and may apply for trading on the OTCQB market if necessary. These recent developments reflect Safe & Green’s ongoing efforts to expand its operations and address regulatory challenges.

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