<SEC-DOCUMENT>0001213900-25-063707.txt : 20250919
<SEC-HEADER>0001213900-25-063707.hdr.sgml : 20250919
<ACCEPTANCE-DATETIME>20250714161620
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-25-063707
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAFE & GREEN HOLDINGS CORP.
		CENTRAL INDEX KEY:			0001023994
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				954463937
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		195 MONTAGUE STREET, 14TH FLOOR
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201
		BUSINESS PHONE:		(646) 240-4235

	MAIL ADDRESS:	
		STREET 1:		195 MONTAGUE STREET, 14TH FLOOR
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SG BLOCKS, INC.
		DATE OF NAME CHANGE:	20111122

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CDSI HOLDINGS INC
		DATE OF NAME CHANGE:	19990114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PC411 INC
		DATE OF NAME CHANGE:	19961001
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><IMG SRC="image_001.jpg" ALT="O:\1 Pre-Sub\2025\07 July\Evening\14\Safe & Green Holdings Corp\html"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; text-indent: 0.5in">July 14, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Via EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Nalbantian / Ms. Ransom</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Safe &amp; Green Holdings Corp.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Statement on Form S-1</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed April 30, 2025</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>File No. 333-286958</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Nalbantian and Ms. Ransom:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On behalf of Safe &amp; Green Holdings Corp. (the
&ldquo;<B>Company</B>&rdquo;), we have set forth below responses to the comments of the staff (the &ldquo;<B>Staff</B>&rdquo;) of the
Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) contained in its letter of May 19, 2025 with respect to the Company&rsquo;s
Registration Statement on Form S-1 (the &ldquo;<B>S-1</B>&rdquo;) as noted above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For your convenience, the text of the Staff&rsquo;s
comments is set forth below in bold, followed in each case by the Company&rsquo;s responses. Please note that all references to page numbers
in the responses are references to the page numbers in the S-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Registration Statement on Form S-1. Filed April
30, 2025</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Cover Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. Disclose on the cover page and in the Offering section the current
exercise price of the Series A and Series B warrants and summarize the exercise price reset provision of the Series A and Series B warrants.
Please revise the header, the cover page narrative and the Summary to highlight the maximum number of shares that could be issued upon
exercise of your Series A and Series B warrants. For guidance, refer to Item 501(b)(2) of Regulation S-K. Additionally, disclose that
the number of shares issuable on the exercise of the Series B warrants under the alternative cashless exercise provisions increases as
the stock price falls further below the initial exercise price of the warrants.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment, the
Company respectfully advises the Staff that this registration statement will only cover the shares of common stock and the shares of
common stock underlying the pre-funded warrants, as the Company has completely eliminated the Series A and B Warrants, including the
alternative cashless exercise provision from the April 2025 transaction, as further discussed in the SEC correspondence filed on July
10, 2025. Please note, the Company is in the process of restructuring the transaction with the investors, which includes eliminating
the Series A and B Warrants. Thus, we respectfully believe that the comments related to the Series A and B Warrants no longer need to
be addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1185 AVENUE OF THE AMERICAS
| 31ST FLOOR | NEW YORK, NY | 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">T (212) 930-9700 | F (212) 930-9725 | WWW.SRFC.LAW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.65pt 0pt 108.05pt; text-indent: -43.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.65pt 0pt 108.05pt; text-indent: -43.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.65pt 0pt 108.05pt; text-indent: -43.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_001.jpg" ALT="O:\1 Pre-Sub\2025\07 July\Evening\14\Safe & Green Holdings Corp\html">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>2. <FONT STYLE="font-family: Times New Roman, Times, Serif">We
note your reference in your prospectus to an &quot;alternative cashless exercise&quot; of the Series B Warrants. The term &quot;cashless
exercise&quot; is generally understood to allow a warrant holder to exercise a warrant without paying cash for the exercise price and
reducing the number of shares receivable by the holder by an amount equal in value to the aggregate exercise price the holder would otherwise
pay to exercise the warrants. In cashless exercises, it is expected that the warrant holder receives fewer shares than they would if
they opted to pay the exercise price in cash. Please clarify your disclosure throughout the prospectus by removing the references to
&quot;alternative cashless exercise&quot; and exclusively using the term &quot;zero exercise price&quot; or another appropriate term
that conveys that, in addition to the company receiving no cash upon the &quot;alternative cashless exercise,&quot; the warrant holders
would be entitled to receive more shares than they would under the cash exercise terms.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment, the
Company respectfully advises the Staff that this registration statement will only cover the shares of common stock and the shares of
common stock underlying the pre-funded warrants, as the Company has completely eliminated the Series A and B Warrants, including the
alternative cashless exercise provision from the April 2025 transaction, as further discussed in the SEC correspondence filed on July
10, 2025. Please note, the Company is in the process of restructuring the transaction with the investors, which includes eliminating
the Series A and B Warrants. Thus, we respectfully believe that the comments related to the Series A and B Warrants no longer need to
be addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3. Please revise your cover page disclosure to highlight that the
&quot;alternative cashless exercise&quot; provision would allow a Series B warrant holder to receive 3 shares of common stock without
having to make any exercise payments, and provide a materially complete discussion of the impact of such exercise on existing shareholders.
Explain that as a result you do not expect to receive any cash proceeds from the exercise of the Series B warrants because, if true, it
is highly unlikely that a warrant holder would wish to pay an exercise price to receive one share when they could choose the alternative
cashless exercise option and pay no money to receive 3 shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment, the
Company respectfully advises the Staff that this registration statement will only cover the shares of common stock and the shares of
common stock underlying the pre-funded warrants, as the Company has completely eliminated the Series A and B Warrants, including the
alternative cashless exercise provision from the April 2025 transaction, as further discussed in the SEC correspondence filed on July
10, 2025. Please note, the Company is in the process of restructuring the transaction with the investors, which includes eliminating
the Series A and B Warrants. Thus, we respectfully believe that the comments related to the Series A and B Warrants no longer need to
be addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Recent Developments, page 2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4</B></FONT><B>.
<FONT STYLE="font-family: Times New Roman, Times, Serif">Revise this section to&nbsp;acknowledge your intent to conduct a reverse stock
split, as contemplated in the proxy&nbsp;statement you recently filed, and disclose the&nbsp;expected ratio, if known, and whether such
stock split is intended to increase your minimum closing bid price with a view to addressing the delisting notice you received in December.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment,
the Company respectfully advises the Staff that this has been addressed in the Company&rsquo;s proxy statement filed on July 10, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5</B></FONT><B>.
<FONT STYLE="font-family: Times New Roman, Times, Serif">Please&nbsp;revise this section to include disclosure regarding the&nbsp;May
13, 2025, Notice of Delisting issued by Nasdaq&nbsp;pursuant to its discretionary authority under Listing Rule 5101. Please also make
corresponding changes to your Risk Factor section as appropriate.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response:</B> In response to this comment,
the Company respectfully advises the Staff that it has included disclosure regarding the May 13, 2025, Notice of Delisting issued to the
Company, pursuant to its discretionary authority under Listing Rule 5101, as requested by the Staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1185 AVENUE OF THE AMERICAS
| 31ST FLOOR | NEW YORK, NY | 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">T (212) 930-9700 | F (212) 930-9725 | WWW.SRFC.LAW</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="O:\1 Pre-Sub\2025\07 July\Evening\14\Safe & Green Holdings Corp\html">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Offering, page 2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6</B></FONT><B>.
<FONT STYLE="font-family: Times New Roman, Times, Serif">You disclose that you may receive up to and approximately&nbsp;$909,999,854 in
aggregate gross proceeds from cash exercises of the Common Warrants, based on the per share exercise price of the Common Warrants. Revise
to acknowledge that the Series B Warrants contain an &quot;alternative cashless exercise feature&quot; and explain, if true, that as a
result of this feature you do not expect to receive any cash proceeds from the exercise of the&nbsp;Warrants because it is highly unlikely
that a&nbsp;warrant&nbsp;holder would wish to pay an exercise price that is currently above your market price to receive one share when
they could choose the alternative cashless exercise option and pay no money to receive more than one share.&nbsp; Make consistent revisions
throughout your prospectus to make it clear that it is unlikely that you will receive any proceeds from the exercise of such warrants.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment, the
Company respectfully advises the Staff that this registration statement will only cover the shares of common stock and the shares of
common stock underlying the pre-funded warrants, as the Company has completely eliminated the Series A and B Warrants, including the
alternative cashless exercise provision from the April 2025 transaction, as further discussed in the SEC correspondence filed on July
10, 2025. Please note, the Company is in the process of restructuring the transaction with the investors, which includes eliminating
the Series A and B Warrants. Thus, we respectfully believe that the comments related to the Series A and B Warrants no longer need to
be addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk Factors</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risks Related to this Offering, page 8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7</B></FONT><B>.
<FONT STYLE="font-family: Times New Roman, Times, Serif">Please revise your risk factor on page 8 to address the substantial dilution
from the reset provision that could adjust upward the number of common shares underlying the Series B Warrants. The risk factor should
disclose the maximum number of shares that may be issuable upon exercise of the warrants.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment, the
Company respectfully advises the Staff that this registration statement will only cover the shares of common stock and the shares of
common stock underlying the pre-funded warrants, as the Company has completely eliminated the Series A and B Warrants, including the
alternative cashless exercise provision from the April 2025 transaction, as further discussed in the SEC correspondence filed on July
10, 2025. Please note, the Company is in the process of restructuring the transaction with the investors, which includes eliminating
the Series A and B Warrants. Thus, we respectfully believe that the comments related to the Series A and B Warrants no longer need to
be addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8</B></FONT><B>.
<FONT STYLE="font-family: Times New Roman, Times, Serif">We note that you have received a notice of delisting from Nasdaq due to failure
to maintain minimum stockholder's equity requirement. Disclose the whether the Securities Purchase Agreements were entered into to avoid
delisting and, if so, the continued risk that the offering may not result in the Company's securities remaining listed on the Nasdaq given
the pressure that the transaction will place upon the minimum bid price.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment,
the Company respectfully advises the Staff that the Company believes its stockholder&rsquo;s equity is currently above the Nasdaq minimum
requirement, and accordingly, does not believe that to be a risk at this moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1185 AVENUE OF THE AMERICAS
| 31ST FLOOR | NEW YORK, NY | 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">T (212) 930-9700 | F (212) 930-9725 | WWW.SRFC.LAW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_001.jpg" ALT="O:\1 Pre-Sub\2025\07 July\Evening\14\Safe & Green Holdings Corp\html">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><U>Exhibits</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9</B></FONT><B>.
<FONT STYLE="font-family: Times New Roman, Times, Serif">We note counsel provides a qualified opinion as to the&nbsp;Warrant Shares and
assumes a sufficient number of authorized but unissued shares of Common Stock are available for issuance when the Warrants are exercised,
even though you do not have a sufficient number of authorized shares available for issuance, as evidenced by the proxy statement you have
recently filed. Please arrange for counsel to provide an unqualified opinion, when available.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment, the
Company respectfully advises the Staff that this registration statement will only cover the shares of common stock and the shares of
common stock underlying the pre-funded warrants, as the Company has completely eliminated the Series A and B Warrants, including the
alternative cashless exercise provision from the April 2025 transaction, as further discussed in the SEC correspondence filed on July
10, 2025. Please note, the Company is in the process of restructuring the transaction with the investors, which includes eliminating
the Series A and B Warrants. Thus, we respectfully believe that the comments related to the Series A and B Warrants no longer need to
be addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10. We note that you are registering for resale common shares accounting
for approximately 9,776% of your outstanding shares and that the selling shareholders appear to be insulated from market risk as a result
of the exercise price reset provisions of the Series A and Series B warrants. Please provide us with a detailed legal analysis as to why
you believe that the offering by the selling shareholders should be characterized as a secondary offering rather than an indirect primary
offering. Address the circumstances under which the selling shareholders acquired the warrants, the nature of the relationships between
the issuer and the selling shareholders, and the provisions of the warrants which mitigate selling shareholders'&nbsp;investment risk.
In formulating your response, please consider Securities Act Rule 415&nbsp;and Interpretation&nbsp;612.09 of our Securities Act&nbsp;Rules
Compliance and Disclosure Interpretations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Response</B>: In response to this comment, the
Company respectfully advises the Staff that this registration statement will only cover the shares of common stock and the shares of
common stock underlying the pre-funded warrants, as the Company has completely eliminated the Series A and B Warrants, including the
alternative cashless exercise provision from the April 2025 transaction, as further discussed in the SEC correspondence filed on July
10, 2025. Please note, the Company is in the process of restructuring the transaction with the investors, which includes eliminating
the Series A and B Warrants. Thus, we respectfully believe that the comments related to the Series A and B Warrants no longer need to
be addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We trust that the above is responsive to your
comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Should you have any questions relating to the
foregoing or wish to discuss any aspect of the Company&rsquo;s filing, please contact me at 646-838-1310.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>/s/ Ross Carmel</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Ross Carmel, Esq.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Sichenzia Ross Ference Carmel LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1185 AVENUE OF THE AMERICAS
| 31ST FLOOR | NEW YORK, NY | 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">T (212) 930-9700 | F (212) 930-9725 | WWW.SRFC.LAW</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">4</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
