UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 2.05 Costs Associated with Exit or Disposal Activities
On March 15, 2024, Safe & Green Holdings Corp. (the “Company”) announced actions taken to reduce operating costs and continue advancing the Company’s ongoing commitment to profitability. This includes a reduction of the workforce of Company’s subsidiary SG Echo, LLC, a Delaware limited liability company (“SG Echo”) by approximately 65 positions. Decisions regarding the elimination of positions are subject to local law and the Company’s business needs.
The Company estimates that no additional charges will be incurred in connection with the reduction in the workforce of SG Echo, LLC. The Company estimates cost savings of approximately $375,000 per month as compared to January 2024. The actions are expected to be substantially complete by the end of the Company’s first quarter 2024, subject to local law and consultation requirements. The estimates of the charges and expenditures that the Company expects to incur in connection with the actions taken, and the timing thereof, are subject to a number of assumptions, including local law requirements in Oklahoma, and actual amounts may differ materially from estimates.
In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the layoffs as described.
A letter to the Company’s employees from Paul Galvin, the Company’s Chair and Chief Executive Officer, is attached to the Current Report on Form 8-K as Exhibit 10.1 and is incorporated by reference.
Item 9.01 Financial Statements and Exhibits
| Exhibit Number |
Description | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SAFE & GREEN HOLDINGS CORP. | |||
| Dated: March 18, 2024 | By: | /s/ Patricia Kaelin | |
| Name: | Paticia Kaelin | ||
| Title: | Chief Financial Officer | ||
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