secwatch.observer — SEC 8-K summary
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Issuer:     Harbor Custom Development, Inc. (—)
CIK:        0001784567
Form:       8-K
Filed at:   2023-12-15T23:59:59+00:00
Accession:  0001493152-23-045017
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.03, 2.04, 3.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Harbor Custom Development files Chapter 11; Nasdaq to delist securities Dec 21
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- Chapter 11 filed Dec 11 in W.D. Wash.; company to operate as debtor-in-possession to market lots/homes and pursue wind-down.
- Nasdaq suspends trading of HCDI, HCDIP, HCDIW, HCDIZ on Dec 21; company will not appeal delisting determination.
- Bankruptcy triggers acceleration of ~$125M debt: Sound Capital $60.1M, Marquee $31.3M, others $33.5M; default rates up to 24%.
- Interim CEO Jeff Habersetzer: Chapter 11 provides 'breathing-room' to sell assets for creditor benefit.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1784567/000149315223045017/0001493152-23-045017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1784567/000149315223045017/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-045017

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