Harbor Custom Development Inc announced the pricing of a public offering expected to generate gross proceeds of roughly $10 million.
The company will offer more than 1.9 million shares of common stock and a corresponding amount of warrants. The shares are priced at $5.125, and the warrants will have an exercise price of $5 per share for a period of five years.
The offering is expected to close on Thursday.
Harbor Custom plans to use the net proceeds from this offering for real estate entitlements, and real estate construction and development; payment toward the balance of its loan with BankUnited (NYSE:BKU), as well as working capital and general corporate purposes, the company said.
Harbor Custom Development 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; Sacramento, California; Austin, Texas and Punta Gorda, Florida.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel