Harbor Custom Development slumps over public offering

Harbor Custom Development

05/10/2021 14:13

** Real estate co Harbor Custom Development Inc's preferred
shares  HCDIP.O  down 30.3% at $13.5 premarket
    ** Co prices public offering of 2.4 mln shares of 8% Series
A preferred stock and 12 mln warrants for $36 mln  urn:newsml:reuters.com:*:nFWN2R00XP
    ** Each preferred share and accompanying 5 warrants is being
offered at a price of $15, a 22.5% discount to stock's close on
Monday  urn:newsml:reuters.com:*:nGNE4R3kC6
    ** Co grants underwriters a 45-day option to purchase up to
360,000 additional preferred shares and/or 1.8 mln warrants to
cover over-allotments
    ** Co has 1.20 mln outstanding preferred shares worth ~$33.8
mln, per Refinitiv data 
    ** Offering to close on Oct 7; warrants will begin trading
on Nasdaq on Oct. 5 under the symbol 'HCDIZ'

 (Reporting by Bansari Mayur Kamdar)
 ((BansariMayur.Kamdar@thomsonreuters.com;))