Safe and Green Development Corporation (NasdaqCM:SGD) has signed a non-binding Letter of Intent to acquire Majestic World Holdings, LLC on November 21, 2023. As of January 4, 2024, Safe and Green Development Corporation has negotiated a complete acquisition of Majestic World Holdings, LLC. Transaction is subjected to approval by the Board of Directors and execution of definitive documents. The acquisition is expected to close by the end of the first quarter 2024. Ruta Soulios & Stratis LLP acted as legal advisor to Safe and Green Development Corporation.

Safe and Green Development Corporation (NasdaqCM:SGD) completed the acquisition of Majestic World Holdings, LLC for $1.6 million on February 7, 2024. The purchase price for the acquisition consists of an aggregate of $500,000 in cash to be paid over 5 quarters and 500,000 shares of Safe and Green Development Corporation restricted stock valued at $1.075 million, or $2.15 per share. 100 % of the Cash Consideration will be paid in five equal installments of $0.1 million each on the first day of each of the five quarterly periods following the Closing. Under the terms of the agreement, Matthew Barstow, MWH Chief executive Officer & President will become Senior Vice President of Innovation at Safe and Green Development Corporation.