Harbor Custom Development Inc revealed that the company’s stockholders voted in favor of a future reverse stock split during a virtual special meeting held on February 17, 2023.
The Tacoma, Washington-based real estate company noted that the stockholders voted to endorse a reverse stock split of Harbor’s issued and outstanding shares at a ratio between 1 for 3 and 1 for 25 at the discretion of the company’s board.
Harbor expects to implement the reverse stock split at any time before the end of the year to maintain the company's common stock listing on the tech-dominated Nasdaq.
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"With the support of our shareholders, we have achieved a significant objective with the passage of the reverse stock split authorization,” Harbor Custom Development COO Jeff Habersetz said in a statement.
“Implementing a reverse stock split will provide for our immediate compliance with the Nasdaq and broaden our opportunities to attract investment capital, strategic partners, and project financing. We thank our shareholders for their support."
Harbor is involved in all aspects of land development, including acquisition, entitlements, construction, home building, marketing, and managing projects. The firm is focused on Western Washington's Puget Sound region, Sacramento in California, Austin in Texas, and Punta Gorda in Florida.
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