Harbor Custom Development Inc said that the company’s board has authorized a stock repurchase plan of up to an aggregate of $5 million, excluding fees and expenses, which may be used to repurchase shares of the company's outstanding common stock, warrants to purchase shares, and shares of preferred stock over the next 12 months.
The Tacoma, Washington-based real estate developer noted that the securities may be repurchased from time to time in open market transactions, in privately negotiated transactions, in line with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, or in line with legal requirements, price, market, economic and other factors.
Any Securities repurchased as part of this program will be retired, said the company.
READ: Harbor Custom Development sees 1Q sales more than double thanks to strong buyer demand
"The Board's decision to authorize a second stock repurchase plan demonstrates their confidence in management's ability to execute on Harbor's stated business objectives and the positive outlook for the company's growth over the long term," said Harbor President and CEO Sterling Griffin.
Harbor Custom is 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. The company is a land developer and builder of apartments, condominiums, single-family homes and luxury homes.
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