Harbor custom development, inc. announces pricing of $36 million public offering of convertible preferred shares & warrants

Gig harbor, washington, oct. 04, 2021 (globe newswire) -- harbor custom development, inc. (nasdaq: hcdi, hcdip, hcdiw, hcdiz) (“harbor,” “harbor custom homes®,” or the “company”), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced the pricing of its underwritten public offering (the “offering”) of 2,400,000 shares of 8.0% series a cumulative convertible preferred stock (the “series a preferred stock”) and 12,000,000 warrants to each purchase one share of common stock (“warrants”). each share of series a preferred stock will be accompanied by five warrants. each share of series a preferred stock and accompanying five warrants is being offered at a price of $15.00. the shares of series a preferred stock and warrants will be issued separately but can only be purchased together in this offering. harbor custom development, inc. has granted the underwriters a 45-day option to purchase up to 360,000 additional shares of series a preferred stock and/or 1,800,000 additional warrants solely to cover over-allotments, if any.
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