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MIAMI - Safe & Green Holdings Corp. (NASDAQ:SGBX) announced Thursday that its subsidiary, SG Blocks, Inc., has finalized a settlement agreement with EDI International, PC and PVE, LLC, resolving all outstanding litigation and appeals between the parties.
The Settlement and Release Agreement, executed on September 11, requires EDI/PVE to pay SG Blocks an undisclosed sum to settle matters related to a Los Angeles Superior Court case. Upon receiving full payment, SG Blocks will file an acknowledgment of satisfaction of judgment, and both parties will dismiss all pending appeals with prejudice.
The agreement includes mutual releases of all claims, bringing closure to the litigation that has been ongoing since 2019.
"We are pleased to bring this matter to a successful conclusion, delivering a significant recovery for SG Blocks while allowing us to fully focus on advancing our core operations," said Mike Mclaren, CEO of Safe & Green Holdings.
According to the company’s statement, the settlement strengthens its balance sheet and eliminates ongoing legal costs associated with the case. The company had been providing updates on the case progress since December 2024.
Safe & Green Holdings, which trades on the Nasdaq, specializes in modular construction, real estate development, and sustainable operations through its subsidiaries.
The information in this article is based on a press release statement from Safe & Green Holdings Corp.
In other recent news, Safe & Green Holdings Corp. has announced that its subsidiary, Olenox Energy, has achieved significant production milestones in Texas, producing over 3,000 barrels of oil and selling more than 2,500 barrels. The subsidiary is on track for a record production month, reaching peak rates of 55 barrels per day. Additionally, Safe & Green has entered into an Open Collaborative Framework with technology company OneQode to enhance infrastructure capabilities and operational efficiency. This collaboration aims to combine OneQode’s technology with Safe & Green’s operational expertise.
Furthermore, the company has received an extension from Nasdaq to regain compliance with listing requirements, with a deadline to complete a reverse stock split by September 22, 2025. In another development, Safe & Green has restructured its private placement agreement with D. Boral Capital, eliminating Series A and Series B Common Stock Warrants. This restructuring reduces potential shareholder dilution by approximately 70%. These actions address concerns raised by the Nasdaq Hearings Panel.
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