By Rebecca Melvin
Concord, N.H., June 11 – Harbor Custom Development Inc. said it priced $30 million 8% series A cumulative convertible preferred stock, or 1.2 million shares, according to a company release.
The company also priced 4.14 million warrants, each for purchasing one share of common stock at an exercise price of $5.00, including 540,000 warrants as a result of a partial exercise of the over-allotment option.
ThinkEquity was bookrunning manager for the deal.
The proceeds are earmarked for land acquisition, construction and development; debt reduction; and working capital.
The series A shares and warrants began trading on the Nasdaq Capital Market on June 10 under the symbols “HCDIP” and “HCDIW,” respectively.
The builder of custom homes is focused on the Seattle area.
| Issuer: | Harbor Custom Development Inc.
|
| Securities: | Cumulative convertible preferred shares, series A
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| Amount: | $30 million, or 1.2 million shares
|
| Bookrunner: | ThinkEquity
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| Coupon: | 8%
|
| Warrants: | 4.14 million
|
| Strike price: | $5.00
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| Pricing date: | June 10
|
| Stock price: | $3.46 as of close on June 10
|
| Stock symbol: | Nasdaq: HCDI
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| Market capitalization: | $52.56 million
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