Safe & Green (NASDAQ:SGBX, NASDAQ:SGBXV) stock is sliding lower on Tuesday as the company prepares for the spinoff of Safe & Green Development (NASDAQ:SGDVV).
This spinoff has Safe & Green agreeing to distribute shares of SGDVV stock to shareholders of SGBX stock. The company has set Wednesday as the day this share distribution will take place.
Shares of SGDVV stock listed on the Nasdaq Exchange on Sept. 19, 2023. This allows for trading of the stock up until the distribution. However, transactions won’t settle until after the distribution date. As such, regular trading of SGDVV won’t start until after Wednesday.
SGBX Stock Movement on Tuesday
Considering the upcoming distribution date, it makes sense that investors are seeing volatility in SGBX stock. That same holds true for the recent movements of SGBXV and SGDVV stock on Tuesday morning.
In the case of SGBX stock, about 158,000 shares have changed hands as of this writing. That’s closing in on its daily average trading volume of about 210,000 shares. The company’s stock is also down 5.5% as of Tuesday morning. Adding to this, SGBXV stock is down 26.6%, while SGDVV stock is up 19.2% at that same time.
There’s even more stock market news that traders are going to want to read about below!
We’re offering up all of the hottest stock market news that traders need to know about on Tuesday! That includes TransCode Therapeutics (NASDAQ:RNAZ) stock falling on a public offering, Tharimmune (NASDAQ:THAR) shares rising on a name change, as well as Femasys (NASDAQ:FEMY) stock taking off on approval of its infertility drug. You can catch up on all of these matters by checking out the following links!
More Stock Market News for Tuesday
- Why Is TransCode Therapeutics (RNAZ) Stock Down 69% Today?
- Why Is Tharimmune (THAR) Stock Up 54% Today?
- Why Is Femasys (FEMY) Stock Up 181% Today?
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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.
