Harbor Custom Development Inc has closed on its $36 million underwritten public offering.
The company said it intends to use the net proceeds for land acquisition, construction, and development, and working capital.
The company offered 2.4 million shares of 8% Series A Cumulative Convertible Preferred Stock and 13.8 million warrants to each purchase one share of common stock, which includes an additional 1.8 million warrants as a result of a partial exercise of the over-allotment option granted to the underwriter.
READ: Harbor Custom Development announces pricing of $36M public offering of convertible preferred stock and warrants
The warrants began trading on The Nasdaq Capital Market on October 5, 2021, under the symbol HCDIZ.
ThinkEquity acted as sole book-running manager for the offering.
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, Austin, and Punta Gorda, Florida.
Its business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces.
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