Why Is Safe and Green Development (SGD) Stock Up 50% Today?


  • Safe and Green Development (SGD) stock is gaining on acquisition plans.
  • The company is intending to acquire Majestic World Holdings.
  • The firm is planning on doing so because of Majestic World’s Xene Platform.
SGD Stock - Why Is Safe and Green Development (SGD) Stock Up 50% Today?

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Safe and Green Development (NASDAQ:SGD) stock is on the rise Friday after the real estate development company announced plans to acquire Majestic World Holdings.

Safe and Green Development is looking to acquire Majestic World for its Xene Platform. This is an artificial intelligence (AI) platform focused on making a decentralized real estate marketplace.

Safe and Green notes that it intends to complete its acquisition of Majestic World by the end of the first quarter of 2024. It just needs approval from the Board of Directors and the execution of definitive documents to do so.

David Villarreal, President & CEO of Safe and Green Development, said the following about the deal:

“The successful BETA run earlier in 2023 has given us the confidence to move forward with a complete acquisition of the XENE Platform. This unique platform is expected to save banks and financial institutions time and money on foreclosure listings by leveraging the technology, property preservation, eviction, listing and sales, title, home warranty and homeowners’ insurance all in one place.”

SGD Stock Movement on Friday

Following this announcement comes heavy trading of SGD stock. As of this writing, more than 17 million shares have changed hands. That’s a massive amount of trading compared to its daily average of about 1.8 million shares.

SGD stock is up 50% on Friday morning.

Investors looking for more of the most recent stock market stories are going to want to stick around!

We have all of the hottest stock market news that traders need to know about on Friday! Among that is what has shares of Palantir (NYSE:PLTR), Applied Therapeutics (NASDAQ:APLT) and CISO Global (NASDAQ:CISO) stock moving today. You can catch up on all of these matters down below!

More Stock Market News for Friday

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On the date of publication, William White did not hold (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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