Safe & Green (NASDAQ:SGBX, NASDAQ:SGBXV) stock is rising higher on Thursday after the company announced a distribution date for shares.
A press release from the company reveals that it will distribute shares for Safe & Green Development Corp (NASDAQ:SGDVV), its real estate development subsidiary. The company will distribute these shares on Sept. 27, 2023, as it spins off of that business.
According to Safe & Green, shares of SGDVV started trading publicly on Sept. 19. Trading of the stock is on a “when-issued” basis, which means holders and buy and sell the shares now but the transactions won’t go through until after the after the distribution date.
As for the details of the distribution, investors in SGBXV stock will receive 0.930886 shares of SGDVV for every five shares they hold. Investors had to be on record as of Sept. 8 to be included in the distribution.
SGBXV and SGDVV Stock Movement
As of this writing, more than 677,000 shares of SGBXV stock and 39,000 shares of SGDVV stock have changed hands. To put that in perspective, the daily average trading volume for SGBXV is about 33,000 shares and SGDVV is around 18,000 shares.
SGBXV stock is up 266.2% while SGDVV stock is down 7.4% as of Thursday morning.
Investors seeking out more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! That includes the biggest pre-market stock movers this morning, the latest news concerning Yellow (OTCMKTS:YELLQ) stock, and more. You can catch up on all of these matters by checking out the links below!
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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.
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