Harbor Custom Development, Inc. Authorizes New Stock Repurchase Program
May 16 2022 - 9:30AM
The Board of Directors of Harbor Custom Development, Inc.
("Harbor," "Harbor Custom Homes®," or the "Company"), (NASDAQ:
HCDI; HCDIP; HCDIW, HCDIZ) on May 10, 2022, authorized a stock
repurchase plan of up to an aggregate of $5.0 million, excluding
fees and expenses, which may be used to repurchase shares of the
Company’s outstanding common stock, warrants to purchase shares of
common stock, and shares of preferred stock (collectively, the
“Securities”), over the next 12 months. The Securities may be
repurchased from time to time in open market transactions, in
privately negotiated transactions, pursuant to the requirements of
Rule 10b-18 of the Securities Exchange Act of 1934, or otherwise,
with the terms and conditions of these repurchases depending on
legal requirements, price, market and economic conditions, and
other factors. The Company is not obligated under the terms of the
plan to repurchase any of its Securities and the Company may
extend, suspend, or terminate the program at any time without prior
notice. Any Securities repurchased as part of this program will be
retired.
"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.
About Harbor Custom Development, Inc.
Harbor Custom Development, Inc. 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. As a land developer and builder of
apartments, condominiums, single-family homes, and luxury homes,
Harbor Custom Development's 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. Harbor focuses on acquiring
land with scenic views to develop and sell residential lots, new
home communities, and multi-story condominium and apartment
properties within a 20- to 60-minute commute of the nation's
fastest-growing metro employment corridors. Harbor is leading the
real estate industry as the first national land developer and home
builder accepting payment in the form of cryptocurrency for its
listed properties. For more information on Harbor Custom
Development, Inc., please visit https://harborcustomhomes.com.
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
federal securities laws. Words such as “may,” “might,”
“should,” “believe,” “expect,” “anticipate,” “estimate,”
“continue,” “predict,” “forecast,” “project,” “plan,” “intend” or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions. While the Company believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to us on the date of this release. These
forward-looking statements are subject to various risks and
uncertainties, including without limitation those set forth in the
Company’s filings with the Securities and Exchange
Commission. Thus, actual results could be materially
different. The Company expressly disclaims any obligation to
update or alter statements whether as a result of new information,
future events or otherwise, except as required by law.
Investor Relations:Hanover
InternationalIR@harborcustomdev.com 866-744-0974
Harbor Custom Development (NASDAQ:HCDI)
Historical Stock Chart
From Jul 2024 to Jul 2024
Harbor Custom Development (NASDAQ:HCDI)
Historical Stock Chart
From Jul 2023 to Jul 2024