Safe and Green Development (NASDAQ: SGD) stock skyrocketed on Friday as the real estate development company revealed its intention to acquire Majestic World Holding.
Safe and Green Development (NASDAQ: SGD) aims to acquire Majestic World for its innovative Xene Platform – an artificial intelligence (AI) platform designed to create a decentralized real estate marketplace.
The company plans to complete its acquisition of Majestic World by the end of the first quarter of 2024, pending approval from the Board of Directors and the execution of definitive documents.
David Villarreal, President & CEO of Safe and Green Development, expressed confidence in the acquisition, emphasizing the XENE Platform’s potential to streamline various real estate processes.
He stated,
“The successful BETA run earlier in 2023 has given us the confidence to move forward with a complete acquisition of the XENE Platform. This unique platform is expected to save banks and financial institutions time and money on foreclosure listings by leveraging the technology, property preservation, eviction, listing and sales, title, home warranty, and homeowners’ insurance all in one place.”
This announcement triggered a surge in trading activity for SGD stock on Friday. The traders exchanged hands with over 48,944,697 (48.94 million) shares, marking a substantial increase compared to its daily average of about 1.8 million. SGD stock soared more than 50% to close at $2.03.
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