Harbor Custom Development Announces Closing of Public Offering
Harbor Custom Development (Nasdaq: HCDI) has successfully closed a public offering of 8,000,000 shares of common stock at $3.00 per share, generating gross proceeds of $24,000,000. The offering was managed by ThinkEquity, a division of Fordham Financial Management. A registration statement related to the offering was effective as of January 12, 2021, allowing for this transaction. The company engages in various aspects of real estate development, notably in Western Washington, with a focus on strategic land acquisition and development.
- Raised $24,000,000 from the public offering.
- Enhances liquidity for future land acquisitions and development.
- Potential dilution of existing shareholders due to new shares issued.
Gig Harbor, WA, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor Custom Development,” “Harbor,” “Harbor Custom Homes®,” or the “Company”), (Nasdaq: HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced the closing of its previously announced public offering of 8,000,000 shares of its common stock at a public offering price of
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-251946) relating to the shares was filed with the Securities and Exchange Commission and became effective on January 12, 2021, and a related registration statement on Form S-1 (File No. 333-252064) was filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, in connection with the upsizing of the offering. This offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Harbor Custom Development, Inc.
Headquartered in Gig Harbor, Washington, Harbor Custom Development, Inc. (Harbor) is a real estate development company involved in all aspects of the land development cycle including, land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region. Harbor has active or recently sold out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. Harbor’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 real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations. For more information on Harbor Custom Development, Inc., please visit: www.harborcustomdev.com.
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