Safe & Green Holdings Corp. Executes Promissory Note and Enters Cash Advance AgreementOn January 22, 2025, Safe & Green Holdings Corp. (NASDAQ:SGBX) made significant financial moves by executing a Promissory Note and entering a Cash Advance Agreement

Safe & Green Holdings Corp., a Delaware-based company, executed a Promissory Note in favor of 1800 Diagonal Lending LLC on January 22, 2025. The Promissory Note, totaling $143,750 in principal, bears an interest rate of fifteen percent (15%). The terms of the Note require the company to make nine monthly payments of accrued interest and outstanding principal starting from February 28, 2025. In the event of default, the Company may be obligated to pay additional interest at twenty-two percent (22%) per annum.

The Note also includes provisions for an Event of Default, which could occur if the Company fails to meet payment obligations, undergoes insolvency proceedings, or fails to maintain its common stock listing on The Nasdaq Stock Market. In case of default, the Lender has the right to convert the outstanding principal and unpaid amount of the Note into shares of the Company’s common stock.

Additionally, a wholly owned subsidiary of Safe & Green, SG Building Blocks, Inc., entered into a Cash Advance Agreement with Core Funding Source LLC on the same date. Under this agreement, SG Building Blocks sold $104,930 of its future receivables for a net amount of $63,000. The agreement allows the Buyer to withdraw funds daily until the total due amount is repaid, with the option to demand full payment in case of default.

The Company’s filings further outlined restrictions on asset disposal and detailed the consequences of failing to meet financial obligations under the agreements. For more comprehensive details on these agreements, reference to the full texts of the Promissory Note and Cash Advance Agreement, attached as Exhibits to the filing, is recommended.

In conclusion, the financial movements made by Safe & Green Holdings Corp. reveal strategic decisions to address financial requirements and obligations. These agreements mark significant steps in the company’s financial operations and underscore its commitment to meeting its financial responsibilities in a structured and prudent manner.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Safe & Green’s 8K filing here.

About Safe & Green

Safe & Green Holdings Corp. is a design and construction services company, which engages in the provision of code engineered cargo shipping containers. It operates through the following segments: Construction, Medical, Development, and Corporate and Support. The Construction Services segment includes the manufacturing of unit SG ECHO and other modules projects.