Safe & Green Holdings Corp. SGBX → Safe and Green Development Corporation RENX
| Parent | Safe & Green Holdings Corp. SGBX |
|---|---|
| Spinco | Safe and Green Development Corporation RENX |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 0.930886 Safe and Green Development shares for every 5 Safe & Green Holdings shares |
| Ratio note | Covers only the roughly 30 percent distributed; the parent retained about 70 percent. |
| Parent retains | 70% |
| Checked against EDGAR | 2026-08-22 |
Data trap
Three departures from the usual template. Only about 30 percent was distributed, so the parent kept control and the free float was a fraction of the share count. The distribution was expressly taxable to holders rather than a tax-free separation. And both companies have since renamed — the spinco to RenX Enterprises and the parent to Olenox Industries — so neither name nor ticker from the filings resolves today, and only the CIKs are stable.
The restated filings have landed; this is kept as history.
Catalyst clock
- —Separation announced
- 2022-12-23Form 10 filed
- 2023-09-12Form 10 last amended
- 2023-09-18Form 10 effective
- 2023-09-08Record date
- 2023-09-19When-issued trading opens
- 2023-09-27Distribution
- 2023-11-14First standalone earnings
- —Index inclusion announced
Performance since separation
| Safe and Green Development Corporation since separation | price history starts after the separation |
|---|---|
| Safe & Green Holdings Corp. over the same window | no window — the spinco is unpriced |
| S&P 500 (SPY) over the same window | no window — the spinco is unpriced |
| Russell 2000 (IWM) over the same window | no window — the spinco is unpriced |
| Excess over the S&P 500 | — |
| Excess over the Russell 2000 | — |
Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Filings
Every fact on this page comes from one of these.
- 10-12B/Afiled 2023-09-12 · 0001213900-23-076022Amendment 8; Ex-99.1 information statement carries the ratio, the September 8 record date, the 30 percent distribution and the taxable treatment
- 8-Kfiled 2023-09-19 · 0001213900-23-077756Form 10 declared effective September 18, 2023; distribution expected September 27 with regular-way trading from September 28
- 10-Qfiled 2023-11-14 · 0001213900-23-086886First periodic report; 10,000,000 shares issued and outstanding
Notes
Safe & Green Holdings' partial distribution of its real estate development subsidiary, retaining about seventy percent. No price series is available for this spinco under its current ticker, so the return is recorded as an honest gap rather than estimated. Left unclassified: the parent is filed under construction materials wholesaling and the spinco under refuse systems, codes that describe neither business. Classified non_focus_increasing: despite the filing's 'Distinct Focus' framing, SG DevCo's own risk factors describe a vertically-integrated customer-supplier relationship rather than a change of industry — SG DevCo intends to build its developments almost exclusively using modules from SG Holdings' SG Echo subsidiary, and its growth is explicitly capacity-constrained by SG Echo's backlog. Only ~30% of shares were actually distributed; SG Holdings retained ~70% and SG DevCo remains a Nasdaq controlled company. The $4.2 million intercompany note was mostly forgiven ($4.0 million) as part of the separation.