10:00 AM EDT, 05/06/2024 (MT Newswires) -- Safe & Green Holdings ( SGBX ) said Monday it entered into a securities purchase agreement with an institutional investor to sell nearly 1.4 million shares and warrants to buy up to about 2.8 million shares at combined offering price of $2.90 per share in a private placement priced at-the-market under Nasdaq rules.

The warrants have an exercise price of $2.65 per share, are exercisable immediately and will expire in five years, the company said. The offering is expected to close on Tuesday and to raise gross proceeds of about $4 million.

The modular structures company said it is planning to use the net proceeds for general corporate purposes and potentially paying down debt.

Safe & Green ( SGBX ) shares were down 22% in recent trading.

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