Safe & Green Completes Merger with New Asia Holdings, Inc.

On February 13, 2025, Safe & Green Holdings Corp. (NASDAQ:SGBX) finalized its merger with New Asia Holdings, Inc. as outlined in the previously announced Agreement and Plan of Merger. In adherence to the Merger Agreement, which took effect on February 2, 2025, New Asia Holdings, Inc., a Nevada corporation, was amalgamated into a newly formed subsidiary of Safe & Green. Following the completion of the merger, New Asia Holdings, Inc. and its operational subsidiaries will become direct, wholly owned subsidiaries of Safe & Green.

As per the provisions of the merger deal, Safe & Green issued four million shares of Series A non-voting convertible preferred shares, valued at $1.00 per share, to the shareholders of New Asia Holdings, Inc. Each preferred share can be converted into fifteen common shares of Safe & Green. However, the conversion remains subject to approval by the common stockholders of Safe & Green.

To pave the way for the merger’s conclusion, certain conditions specified in the Merger Agreement needed to be met, including the filing of relevant articles of incorporation and/or organization for the merged subsidiaries, as well as the adoption of requisite board resolutions and/or sole member resolutions endorsing the merger.

Safe & Green confirmed that on February 13, 2025, all conditions stipulated in the Merger Agreement were either fulfilled or waived. Consequently, the issuance of the Preferred Shares to New Asia Holdings, Inc.’s shareholders was completed, and the transactions delineated in the Merger Agreement were fully executed and closed.

“This merger marks a significant milestone for Safe & Green as we extend our footprint and strategically integrate New Asia Holdings, Inc. and its entities into our corporate structure,” stated a company spokesperson. The amalgamation sets the stage for expanded horizons and operational synergies moving forward.

Regarding forward-looking statements, Safe & Green reminded stakeholders that any information beyond historical facts, including current views and assumptions on future events concerning the combined business post-merger, should be approached with caution. Market conditions may impact actual outcomes, and potential discrepancies are outlined in SEC filings.

Safe & Green also conveyed that all forward-looking statements mentioned are effective only as of their declaration date, and the company assumes no obligation to revise or update such statements beyond legal requirements.

The company disclosed that all closing formalities have concluded, emphasizing its commitment to the directives laid down in the Merger Agreement.

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.

Safe & Green Company Profile

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.