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Harbor Custom Development, Inc. Announces Closing of $36 Million Public Offering

Harbor Custom Development, Inc. Announces Closing of $36 Million Public Offering of Convertible Preferred Shares & Warrants

Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced the closing of its previously announced underwritten public offering (the “Offering”) of 2,400,000 shares of 8.0% Series A Cumulative Convertible Preferred Stock (the “Series A Preferred Stock”) and 13,800,000 warrants to each purchase one share of common stock, including 1,800,000 warrants as a result of a partial exercise of the over-allotment option granted to the underwriter (“Warrants”).

Harbor Custom Development, Inc. received gross proceeds of approximately $36.0 million from the Offering, prior to deducting underwriting discounts and estimated offering expenses. The Company intends to use the net proceeds from the Offering for land acquisition, construction, and development, and working capital.

The Warrants began trading on The Nasdaq Capital Market on October 5, 2021 under the symbol “HCDIZ.”

A registration statement on Form S-1 (File No. 333-259465) relating to the offer and sale of the securities referred to herein was filed by the Company with the Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended, (the “Securities Act”), and was declared effective by the SEC on October 4, 2021 and a related registration statement on Form S-1 (File No. 333-260040) was filed pursuant to Rule 462(b) of the Securities Act to increase the size of the Offering set forth in the earlier effective registration statement on Form S-1. A final prospectus related to the offering was filed and made available on the SEC’s website.

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