Harbor Custom Development, Inc. Announces Reverse Stock Split
March 03 2023 - 12:00PM
Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ)
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative
real estate company involved in all aspects of the land development
cycle, today announced it will effect a 1-for-20 reverse stock
split of its issued and outstanding shares of common stock (the
“reverse split”). Harbor’s stockholders voted to authorize a
reverse stock split in a range of 1-for-3 to 1-for-25 on February
17, 2023, and Harbor’s directors voted to authorize the exact ratio
for the reverse split of 1-for-20 on February 27, 2023.
On March 6, 2023, the Company’s common stock
will begin trading on a post-reverse split basis on the Nasdaq
Capital Market under the existing symbol “HCDI.” The new CUSIP
number for the common stock following the reverse split will be
41150T306.
The reverse split will affect all issued and
outstanding shares of common stock. All outstanding restricted
stock awards, warrants, options, and the Series A Convertible
Preferred Stock and other securities entitling their holders to
purchase or otherwise receive shares of common stock will be
adjusted as a result of the reverse split, as required by their
respective terms. The number of shares available to be awarded
under the Company’s incentive plans will also be appropriately
adjusted. Following the reverse split, the par value of the Common
Stock will remain unchanged at no par value per share. The reverse
split will not change the authorized number of shares of common
stock or preferred stock. No fractional shares will be issued in
connection with the reverse split; stockholders who would otherwise
be entitled to receive a fractional share will instead receive one
whole share of common stock.
“Completion of the reverse split was important
to maintain compliance with the minimum bid price requirement of
the Nasdaq Capital Market’s continued listing standards. The
reverse split also broadens our opportunities to potentially
attract investment capital, strategic partners, and project
financing,” stated Sterling Griffin, President and CEO of Harbor
Custom Development, Inc.
“The reverse split combined with the
restructuring of the Bank United loan agreement provide a critical
foundation necessary for the Company to achieve its objectives,”
stated Jeff Habersetzer, Chief Operating Officer of Harbor Custom
Development, Inc.
About Harbor Custom Development,
Inc.Harbor Custom Development, Inc. is a real estate
development company involved in all aspects of the land development
cycle including land acquisition, entitlements, construction of
project infrastructure, home and apartment building, marketing, and
sales of various residential projects in Western Washington's Puget
Sound region; Sacramento, California; Austin, Texas; and Punta
Gorda, Florida. As a land developer and builder of apartments, and
single-family luxury homes, Harbor Custom Development's business
strategy is to acquire and develop land strategically based on an
understanding of population growth patterns, entitlement
restrictions, infrastructure development, and geo-economic forces.
Harbor focuses on acquiring land with scenic views or convenient
access to freeways and public transportation to develop and sell
residential lots, new home communities, and multi-story apartment
properties within a 20 to 60-minute commute of the nation's
fastest-growing metro employment corridors.
Forward-Looking StatementsCertain
statements in this press release constitute "forward-looking
statements" within the meaning of the federal securities laws.
Words such as "may," "might," "should," "believe," "expect,"
"anticipate," "estimate," "continue," "predict," "forecast,"
"project," "plan," "intend" or similar expressions, or statements
regarding intent, belief, or current expectations, are
forward-looking statements. These forward-looking statements are
based upon current estimates and assumptions. While the Company
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are subject
to various risks and uncertainties, including without limitation
those set forth in the Company's filings with the Securities and
Exchange Commission. Thus, actual results could be materially
different. The Company expressly disclaims any obligation to update
or alter statements whether as a result of new information, future
events or otherwise, except as required by law.
Investor RelationsHanover
InternationalIR@harborcustomdev.com 866-744-0974
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