Harbor custom development, inc. announces pricing of $30 million public offering of convertible preferred shares & warrants

Gig harbor, washington, june 09, 2021 (globe newswire) -- harbor custom development, inc. (nasdaq: hcdi) ( “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 1,200,000 shares of 8.0% series a cumulative convertible preferred stock. each share of 8.0% series a cumulative convertible preferred stock will be accompanied by three warrants (“warrants”), each warrant to purchase one share of common stock. each share of series a cumulative convertible preferred stock and accompanying three warrants is being offered at a price of $25.00. the shares of series a preferred stock and warrants will be issued separately but can only be purchased together in this offering. harbor custom homes® has granted the underwriters a 45-day option to purchase up to 180,000 additional preferred shares and/or 540,000 additional warrants solely to cover over-allotments, if any.
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