Harbor Custom Development, Inc. Authorizes New Stock Repurchase Program
04 November 2021 - 11:30PM
The Board of Directors of Harbor Custom Development, Inc.
(“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:
HCDI; HCDIP; HCDIW, HCDIZ) on November 3, 2021, approved a new
stock repurchase program authorizing the repurchase of up to $5
million worth of shares of common stock beginning November 22,
2021, and continuing through May 22, 2022. The amount of the
repurchase program represents approximately 17% of the outstanding
shares of the Company’s common stock valued at the closing price on
November 3, 2021.
“The Board’s decision to authorize a stock
repurchase plan demonstrates their confidence in Harbor’s business
and growth opportunities we see over the long term,” said Harbor
President and CEO, Sterling Griffin.
The Company authorized management to enter into
the trading plan with Piper Sandler in accordance with Rule 10b5-1
of the Securities Exchange Act of 1934, as amended, to facilitate
repurchases of its common stock pursuant to the above-mentioned
stock repurchase program (the “Plan”). The Plan allows the Company
to execute trades during periods when it would ordinarily not be
permitted to do so because it may be in possession of material
non-public information because of insider trading laws or
self-imposed trading blackout periods. Under the Plan, Piper
Sandler has the authority, under the prices, terms, and limitations
set forth in the Plan, to execute repurchases of shares of common
stock for the Company. All shares of common stock repurchased
will be retired and returned to authorized but unissued status.
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; and Austin, Texas.
Harbor has active or recently sold-out residential communities in
Gig Harbor, Bremerton, Silverdale, Bainbridge Island, Belfair,
Allyn, Port Orchard, Lacey, Burien, Yelm, and Blaine in the state
of Washington. In addition, Harbor has acquired land and will begin
constructing homes in three new markets. In the Sacramento metro
market, Harbor will be constructing homes in completed subdivisions
in both Rocklin and Auburn, California. In the Austin metro market,
Harbor has acquired developed lot inventory in Dripping Springs,
Driftwood, and Horseshoe Bay, Texas. The Company recently acquired
property in Punta Gorda, Florida, and plans to begin construction
of oceanfront condominiums there in 2022. 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 real estate within target
markets with convenient access to metropolitan areas that are
generally characterized by diverse economic and employment bases
and increasing populations. For more information on Harbor Custom
Development, Inc., please visit www.harborcustomdev.com.
Forward-Looking
StatementsCertain statements in this press release
constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. 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 International
IR@harborcustomdev.com
866-744-0974
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