Harbor Custom Development (HCDI) Prices $10 Million Public Offering of Common Stock, Warrants
Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, today announced the pricing of a public offering of an aggregate of 1,951,218 shares of its common stock (or pre-funded warrants in lieu thereof) and warrants to purchase 1,951,218 shares of common stock, at a combined public offering price of $5.125 per share (or pre-funded warrant in lieu thereof) and accompanying warrant. The warrants will have an exercise price of $5.00 per share, will be exercisable immediately upon issuance, and will expire five years from the date of issuance. The closing of the offering is expected to occur on or about May 18, 2023, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from this offering are expected to be approximately $10 million before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for real estate entitlements, and real estate construction and development; payment toward the balance of our loan with BankUnited N.A. (“BankUnited”), and working capital and general corporate purposes.
This story originally appeared on Investing