Safe & Green Development (NASDAQ:SGDVV) stock is taking off on Wednesday as the company’s share distribution goes into effect.
This share distribution comes from Safe & Green (NASDAQ:SGBX, NASDAQ:SGBXV), as it spins off Safe & Green Development as its own real estate business. The company announced the share distribution date last week, which has resulted in volatility for SGDVV, SGBX and SGBXV stock over the last week.
With all of that recent activity, as well as the share distribution date being today, it makes sense that investors would see extra movement out of SGDVV stock. Especially as transactions for the stock have been possible over the last week but only going into effect after the distribution.
As for what the share distribution entails, investors in SGBX are receiving shares of SGDVV stock today. This has them getting 0.930886 shares of SGDVV for every five shares of SGBX stock that they hold.
How This Affects SGDVV Stock Today
With the share distribution going into effect today, shares of SGDVV stock are seeing heavy trading today. As of this writing, more than 461,000 shares of the stock have changed hands. For the record, its daily average trading volume is about 114,000 shares.
SGDVV stock is up 15.5%, while SGBX stock is down 2.2% as of Wednesday morning.
There’s even more stock market news that traders will want to read about below!
We’re offering up all of the hottest stock market coverage worth reading about on Wednesday! Among that is what has shares of ShiftPixy (NASDAQ:PIXY) stock rising, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the following links!
More Stock Market News for Wednesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.