Announcement • May 09
Harbor Custom Development Files Form 15 Harbor Custom Development, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. Announcement • May 03
Motion for Asset Sale Filed by Harbor Custom Development, Inc. Harbor Custom Development, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on May 1, 2024. The debtor seeks the Court’s approval for the sale of its certain assets to Richmond American Homes of Washington, Inc., for a purchase price of $2.58 million in cash pursuant to the asset purchase agreement, dated April 22, 2024. The debtor’s assets include real property consisting of approximately 27.92 acres of land located in Blaine, Whatcom County, Washington. The sale hearing is scheduled for May 29, 2024. The proceeds from the sale would be used to pay costs of sale, to pay secured real property taxes, and the balance to the secured indebtedness to Fratelli’s LLC. Announcement • Feb 22
Nasdaq Files Form 25-NSE with SEC to Remove Securities of Harbor Custom Development As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on December 27, 2023, due to the Bankruptcy Petition, other pending matters, and in accordance with Listing Rules 5101, 5110(b) and IM-5101-1, The Nasdaq Stock Market LLC suspended trading of Harbor Custom Development, Inc.'s securities on December 21, 2023. On December 21, 2023, the Company's securities began trading over the counter on the OTC Markets' Pink Current Information under the symbols HCDIQ," HCDPQ," HCDWQ," and HCDZQ." On February 15, 2024, Nasdaq filed a Form 25-NSE with the Commission which will remove all of the Company's securities from listing and registration on Nasdaq. Announcement • Dec 21
Harbor Custom Development, Inc.(OTCPK:HCDI.Q) dropped from NASDAQ Composite Index Harbor Custom Development, Inc. has been dropped from Nasdaq Composite Index. Announcement • Dec 16
Nasdaq Determines Harbor Custom Development's Securities to be Delisted from The Nasdaq Stock Market On December 12, 2023, Harbor Custom Development, Inc. (the ‘Company’) received written notice from The Nasdaq Stock Market LLC (‘Nasdaq’) indicating that, following Nasdaq’s review of the Company’s press release related to the Bankruptcy Petition and other publicly available information, and in accordance with Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined that the Company’s securities will be delisted from The Nasdaq Stock Market. Trading of the Company’s common stock (HCDI), preferred stock (HCDIP), and two classes of warrants (HCDIW and HCDIZ) will be suspended at the opening of trading on December 21, 2023 and a Form 25-NSE will be filed with the Securities and Exchange Commission (the ‘SEC’) which will remove those securities from listing and registration on The Nasdaq Stock Market. Nasdaq based its determination upon concerns related to (i) the Company’s announcement that the Company filed for protection under Chapter 11 of the United States Bankruptcy Code and associated public interest concerns raised by such filing, (ii) the residual equity interest of the existing listed securities holders, and (iii) the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq. Nasdaq also noted that the Company no longer complied with Nasdaq’s audit committee requirements as set forth in Listing Rule 5605, which cure period to regain compliance was until the earlier of the Company’s next annual shareholders’ meeting or September 18, 2024; or if such shareholders’ meeting was held before March 18, 2024, then the Company must evidence compliance no later than March 18, 2024. The Nasdaq notice also advises the Company of its right to request an appeal of the determination. The Company does not have plans to pursue an appeal. Announcement • Dec 15
Harbor Custom Development, Inc.(NasdaqCM:HCDI) dropped from S&P TMI Index Harbor Custom Development, Inc.(NasdaqCM:HCDI) dropped from S&P TMI Index Announcement • Nov 15
Harbor Custom Development, Inc. Contemplates Bankruptcy. Harbor Custom Development, Inc. is contemplating filing for bankruptcy as of November 14, 2023. According to company's SEC filing, the Company failed to maintain compliance with certain financial covenants within its loan agreements requiring loan amendment or covenant waivers; it has no borrowing availability under its revolving credit facility; it has significant debt of $ 116.7 million maturing over the next 12 months as of September 30, 2023; it had significant uses of cash flows from operations over the past two years; it had a $ 16.9 million net loss during the year ended December 31, 2022, an $ 18.3 million net loss for the third quarter of 2023, and a net loss of $ 27.5 million for the nine months ended September 30, 2023; and the real estate and construction industries are experiencing declining market conditions which have negatively impacted property valuations as well as financing capabilities and terms. Reported Earnings • Aug 14
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$3.79 loss per share (improved from US$9.20 loss in 2Q 2022). Revenue: US$19.8m (up 93% from 2Q 2022). Net loss: US$6.28m (loss narrowed 2.6% from 2Q 2022). Revenue missed analyst estimates by 42%. Earnings per share (EPS) were also behind analyst expectations. Announcement • Aug 03
Harbor Custom Development, Inc. to Report Q2, 2023 Results on Aug 14, 2023 Harbor Custom Development, Inc. announced that they will report Q2, 2023 results on Aug 14, 2023 Board Change • Aug 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Larry Swets is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 21
Harbor Custom Development, Inc. Promotes New Leadership Team Harbor Custom Development, Inc. announced the internal promotion of four of the Companys leadership team, including Yoshi Niino, Kyla Sawtell, Mark Long, and Jennifer Lang. Yoshi Niino, Harbors Director of Accounting since 2022, was promoted to Chief Accounting Officer. Mr. Niino oversees accounting, SEC reporting, and tax for the Company. Mr. Niino has been essential in building the public company accounting, reporting, and internal control infrastructure. Mr. Niino has been a Certified Public Accountant since 2009. Ms. Sawtell, who served as the Companys Senior Director of Operations, was promoted to Vice President of Operations. Ms. Sawtell has 15 years of experience in the real estate, property management, and banking industries. Ms. Sawtell started with Harbor in 2021 and has been instrumental in developing the due diligence, budgeting, and purchasing procedures. Mark Long, Harbors Senior Director of Acquisitions and Construction, was promoted to Vice President of Development and Construction. With extensive experience in multi-family development, Mr. Long is involved in all aspects of the acquisitions and construction process. Mr. Long started with Harbor in 2021 and is essential to sourcing and assessing the Companys future pipeline of projects. Mr. Long is a registered architect in the state of Washington and New York. Jennifer Lang, who served as the Companys Director of Marketing, was promoted to Vice President of Marketing. Ms. Lang has 15 years of diverse marketing experience in the real estate, land development, residential construction, and publishing industries. Ms. Lang started with Harbor in 2021 as a consultant and has been significant in developing the Companys investor, media, and public relations to increase Harbors national brand awareness. Announcement • Jul 14
Harbor Custom Development, Inc. Approves the Appointment of D. David Chandler as Director Harbor Custom Development, Inc. at the AGM held on July 12, 2023, approved the appointment of D. David Chandler as Director. Announcement • Jun 29
Harbor Custom Development, Inc. Announces Executive Changes, Effective July 21, 2023 On June 20, 2023, Lance Brown, principal financial officer, and principal accounting officer of Harbor Custom Development, Inc. notified the company of his decision to resign, effective at the close of business on July 21, 2023. Effective July 21, 2023 and until a successor has been identified, the company expects to promote Yoshi Niino to the position of Chief Accounting Officer. Upon assuming this role, he will also assume the duties of the company’s principal financial officer and principal accounting officer for Securities and Exchange Commission reporting purposes, until such time as it complete search process for a Chief Financial Officer. Mr. Niino joined the company in February 2022, and currently serves as the company’s Director of Accounting. Previously to joining the Company, Mr. Niino served as Senior Internal Audit Manager for Weyerhaeuser. Mr. Niino was also previously an Audit Manager at Deloitte. Mr. Niino is a Certified Public Accountant and graduated from the University of Washington with a B.A. in Economics and Business Administration, Accounting. Announcement • Jun 27
Harbor Custom Development, Inc. Announces Change in Executive Leadership, Effective July 21, 2023 Harbor Custom Development, Inc. announced Lance Brown, Chief Financial Officer, will be resigning from the Company, effective July 21, 2023. Mr. Brown’s decision to resign does not relate to any disagreement with the Company’s management, the Board of Directors of the Company, or the Company’s independent auditors regarding any matter pertaining to the Company’s operations, accounting practices, financial disclosures, internal controls, policies, or practices. The Company has initiated a search for a new Chief Financial Officer to fill this position. The Company expects to promote Yoshi Niino, Harbor’s Director of Accounting since February 2022, to Chief Accounting Officer effective July 21, 2023. Upon assuming this role, Mr. Niino will execute the duties of the Company’s principal financial officer and principal accounting officer for Securities and Exchange Commission reporting purposes until the Company hires a new CFO. Prior to joining Harbor, Mr. Niino served as Senior Internal Audit Manager for Weyerhaeuser. Mr. Niino was also previously an Audit Manager at Deloitte. Mr. Niino is a Certified Public Accountant who graduated from the University of Washington with a B.A. in Economics and Business Administration, Accounting. Announcement • Jun 21
Kitsap Community Resources acquired Mills Crossing townhomes in Bremerton from Harbor Custom Development, Inc. (NasdaqCM:HCDI) for $14.25 million. Kitsap Community Resources acquired Mills Crossing townhomes in Bremerton from Harbor Custom Development, Inc. (NasdaqCM:HCDI) for $14.25 million on June 20, 2023. Kitsap Community Resources completed the acquisition of Mills Crossing townhomes in Bremerton from Harbor Custom Development, Inc. (NasdaqCM:HCDI) on June 20, 2023. New Risk • Jun 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 99% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$98m free cash flow). Share price has been highly volatile over the past 3 months (40% average weekly change). Earnings have declined by 68% per year over the past 5 years. Shareholders have been substantially diluted in the past year (99% increase in shares outstanding). Market cap is less than US$10m (US$5.43m market cap). Announcement • May 31
Harbor Custom Development, Inc., Annual General Meeting, Jul 12, 2023 Harbor Custom Development, Inc., Annual General Meeting, Jul 12, 2023, at 10:00 Pacific Standard Time. Agenda: To consider and elect six directors to hold office until next AGM and until their successors are elected and qualified; To consider and discuss the appointment of Rosenberg Rich Baker Berman P.A. as independent registered public accounting firm; to consider and approve the compensation of our named executives officers during the fiscal year ended December 31, 2023; and to discuss other business matters. Announcement • May 18
Harbor Custom Development, Inc. has completed a Follow-on Equity Offering. Harbor Custom Development, Inc. has completed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,951,218
Price\Range: $5.125
Discount Per Security: $0.3353
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant
Securities Offered: 1,951,218
Security Name: Warrants
Security Type: Equity Warrant
Securities Offered: 1,951,218 Reported Earnings • May 17
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$9.39 loss per share (further deteriorated from US$0.56 loss in 1Q 2022). Revenue: US$9.18m (down 68% from 1Q 2022). Net loss: US$6.77m (loss widened US$6.40m from 1Q 2022). Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 72%. Announcement • May 05
Harbor Custom Development, Inc. to Report Q1, 2023 Results on May 15, 2023 Harbor Custom Development, Inc. announced that they will report Q1, 2023 results at 12:30 PM, US Eastern Standard Time on May 15, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: US$0.37 loss per share (down from US$0.21 profit in 3Q 2021). Revenue: US$11.7m (down 35% from 3Q 2021). Net loss: US$5.32m (down 273% from profit in 3Q 2021). Revenue missed analyst estimates by 30%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 1.5% decline forecast for the Consumer Durables industry in the US. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Chris Corr was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: US$0.46 loss per share (down from US$0.063 profit in 2Q 2021). Revenue: US$10.3m (down 27% from 2Q 2021). Net loss: US$6.45m (down US$7.38m from profit in 2Q 2021). Revenue missed analyst estimates by 70%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 83%, compared to a 4.2% growth forecast for the Consumer Durables industry in the US. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: US$0.028 loss per share (up from US$0.12 loss in 1Q 2021). Revenue: US$28.6m (up 106% from 1Q 2021). Net loss: US$366.7k (loss narrowed 76% from 1Q 2021). Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 200%. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improved over the past week After last week's 30% share price gain to US$3.20, the stock trades at a forward P/E ratio of 107x. Average forward P/E is 8x in the Consumer Durables industry in the US. Total loss to shareholders of 4.8% over the past year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Chris Corr was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Chris Corr was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 18% share price gain to US$2.73, the stock trades at a trailing P/E ratio of 74.6x. Average trailing P/E is 11x in the Consumer Durables industry in the US. Total loss to shareholders of 38% over the past year. Recent Insider Transactions • Nov 20
Independent Director recently bought US$54k worth of stock On the 18th of November, Walter Walker bought around 24k shares on-market at roughly US$2.28 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$253k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS US$0.21 (vs US$0.10 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$18.0m (up 131% from 3Q 2020). Net income: US$3.08m (up US$3.51m from 3Q 2020). Profit margin: 17% (up from net loss in 3Q 2020). Board Change • Sep 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Larry Swets is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Executive Departure • Sep 01
Director Richard Schmidtke has left the company On the 27th of August, Richard Schmidtke's tenure as Director ended after 2.9 years in the role. As of June 2021, Richard still personally held 123.87k shares (US$401k worth at the time). A total of 3 executives have left over the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS US$0.063 (vs US$0.12 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$14.1m (up 70% from 2Q 2020). Net income: US$931.6k (up US$1.36m from 2Q 2020). Profit margin: 6.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Executive Departure • Jul 20
Director Robb Kenyon has left the company On the 8th of July, Robb Kenyon's tenure as Director ended after 2.8 years in the role. As of March 2021, Robb still personally held 33.78k shares (US$107k worth at the time). A total of 2 executives have left over the last 12 months. Announcement • Jul 01
Harbor Custom Development, Inc. Provides Revenue Guidance for the Year 2022 Harbor Custom Development, Inc. provided revenue guidance for the year 2022. The company projected revenues for 2022 follow the same growth trajectory with an estimated $128,000,000in sales, or a 60% annual increase. Reported Earnings • May 19
First quarter 2021 earnings released: US$0.12 loss per share (vs US$0.21 loss in 1Q 2020) The company reported a mediocre first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: US$13.9m (up 40% from 1Q 2020). Net loss: US$1.55m (loss widened 106% from 1Q 2020). Reported Earnings • Apr 02
Full year 2020 earnings released: US$0.84 loss per share (vs US$0.067 profit in FY 2019) The company reported a mediocre full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$50.4m (up 63% from FY 2019). Net loss: US$3.53m (down US$3.77m from profit in FY 2019). Announcement • Mar 28
Harbor Custom Development, Inc. Raises Revenue Guidance for 2021 Harbor Custom Development, Inc. announced that it had raised its guidance for 2021 projected gross revenue from $70,000,000 announced on November 23, 2020 to $80,000,000. Announcement • Mar 27
Harbor Custom Development, Inc. Provides Financial Guidance for the Second Quarter of 2021 Harbor Custom Development, Inc. provided financial guidance for the second quarter of 2021. The company projects to reach profitability in the second quarter of 2021. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 18% share price gain to US$3.41, the stock trades at a trailing P/E ratio of 56.2x, up from the previous P/E ratio of 47.8x. Average P/E is 15x in the Consumer Durables industry in the US. Announcement • Mar 10
Harbor Custom Development Announces Retirement of Anita Fritz as Vice President On February 4, 2021, Anita Fritz retired from her position as Vice President of Harbor Custom Development, Inc. Is New 90 Day High Low • Mar 05
New 90-day low: US$2.96 The company is down 42% from its price of US$5.10 on 04 December 2020. The American market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$3.15, the stock is trading at a trailing P/E ratio of 51.9x, down from the previous P/E ratio of 61.3x. This compares to an average P/E of 14x in the Consumer Durables industry in the US. Announcement • Feb 23
Harbor Custom Development, Inc. Contracts to Sell 99 Lots in Soundview Estates to Lennar for $7,920,000 Harbor Custom Development, Inc. announced that it has entered into a purchase and sale agreement with
Lennar Northwest, Inc., a subsidiary of Lennar Corporation (“Lennar”), to sell 99 undeveloped lots in phase 7 of
Soundview Estates in Bremerton, Washington for $7,920,000. The closing of the sale is scheduled for March 29,
2021. Harbor has now announced the completion of infrastructure improvements on 215 lots at Soundview Estates, of which Lennar purchased 165 lots for single-family home construction. Lennar also previously contracted to purchase 50 developed lots in phase 6 of Soundview Estates for $7,000,000 with a closing date of March 25, 2021. The combined first quarter scheduled sales to Lennar now total $14,920,000. With the addition of phase 7, Soundview Estates will grow to a 339-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and the Puget Sound. Soundview Estates is less than a ten-minute drive to the SeattleFerry and the Kitsap Naval Shipyard. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 22% share price gain to US$3.95, the stock is trading at a trailing P/E ratio of 65.1x, up from the previous P/E ratio of 53.4x. This compares to an average P/E of 16x in the Consumer Durables industry in the US. Announcement • Feb 05
Harbor Custom Development, Inc. Closes on 36 Lots in the Sacramento Metro Market Harbor Custom Development, Inc. announced that on January 29, 2021, it closed on 36 of the 66 contracted developed lots in the Darkhorse Golf Course community 33 miles northeast of Sacramento in Auburn, California for $4,900,000. The Darkhorse Golf Course lots average a half acre in size and provide scenic views of the beautiful four-star rated course and hill country setting. Harbor Custom Homes® anticipates commencing construction of 4 and 5 bedroom luxury homes priced from $900,000 to $1,200,000 beginning in the second quarter of 2021. The 36 lot acquisition marks Harbor’s initial expansion outside of Washington State as it begins to execute its previously stated plan to create a national footprint in metropolitan areas exhibiting increasing demand along with dwindling supply. Announcement • Jan 28
Harbor Custom Development, Inc. Increases Footprint in Sacramento Metro Housing Market Harbor Custom Development, Inc. announced that it has contracted to acquire 22 developed lots in Rocklin, California for $3,944,050. Located just over 21 miles from downtown Sacramento, the Rocklin subdivision will offer single family homes ranging in size from 2,300 to 2,800 square feet and priced from $700,000 to $850,000. Situated adjacent to Quarry Park, the adventure park provides home buyers access to a variety of outdoor recreational activities. Harbor Custom Homes® anticipates commencing construction of the four and five bedroom homes in the second quarter of 2021. Recent Insider Transactions • Jan 21
Independent Director recently bought US$105k worth of stock On the 15th of January, Larry Swets bought around 35k shares on-market at roughly US$3.00 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jan 14
Harbor Custom Development, Inc. has completed a Follow-on Equity Offering in the amount of $24 million. Harbor Custom Development, Inc. has completed a Follow-on Equity Offering in the amount of $24 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 8,000,000
Price\Range: $3
Discount Per Security: $0.21 Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$3.63, the stock is trading at a trailing P/E ratio of 59.8x, down from the previous P/E ratio of 71.2x. This compares to an average P/E of 15x in the Consumer Durables industry in the US. Is New 90 Day High Low • Jan 12
New 90-day low: US$3.63 The company is down 30% from its price of US$5.15 on 13 October 2020. The American market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is down 5.0% over the same period. Announcement • Dec 26
Harbor Custom Development, Inc. Announces the Phase 5 Sale of 38 Residential Lots At Soundview Estates in Bremerton, Washington to Lennar Northwest, Inc On December 22, 2020, Harbor Custom Development, Inc. announced that it has closed on the phase 5 sale of 38 residential lots at Soundview Estates in Bremerton, Washington to Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”) for $4,750,000, and has contracted to sell Lennar an additional 50 lots in Phase 6. Harbor has announced the completion of infrastructure improvements on 190 lots at Soundview Estates, of which 165 were purchased by Lennar for single family home construction. Lennar had previously closed on phases 1, 2, and 3 totaling 127 lots during the last 12 months. Announcement • Dec 01
Harbor Custom Development, Inc. Announces Resignation of Robb Kenyon as Member of Board’S Compensation Committee and Nominating and Corporate Governance Committee Effective as of November 25, 2020, Mr. Robb Kenyon resigned as a member of the Board’s Compensation Committee and Nominating and Corporate Governance Committee. Mr. Kenyon’s resignation from the respective committees was not due to any disagreement with the Harbor Custom Development, Inc. on any matter relating to its operations, policies or practices. Mr. Kenyon remains a director on the Company’s Board of Directors. Effective as of November 25, 2020, Mr. Wally Walker, an independent director, was appointed to the Board's Compensation Committee and Nominating and Corporate Governance Committee to fill the vacancies created by Mr. Kenyon's resignation from the aforementioned committees. The Board's Compensation Committee and Nominating and Corporate Governance Committee now have a majority of independent directors in compliance with the Nasdaq rules as the Company is in the phase-in period.