Harbor Custom Development, Inc.: Nasdaq/NYSE listing notice — Harbor Custom Development receives Nasdaq deficiency notice for bid price below $1.00; proposes reverse stock split

Harbor Custom Development, Inc.

Received Nasdaq notice on Dec 13, 2022 for minimum bid price non-compliance (closing bid below $1.00 for 30 consecutive business days).
Has 180 calendar days, until June 12, 2023, to regain compliance by closing at $1.00 or more for 10 consecutive business days.
Board approved a reverse stock split proposal (1:3 to 1:25) to be voted on at a special meeting; compliance not guaranteed.
If not cured, may be eligible for a second 180-day period if it meets other listing standards and provides a cure notice.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Harbor Custom Development, Inc. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

December 13, 2022, Harbor Custom Development, Inc. (the “Company”) received a notification letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the closing bid price for its common stock has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements set forth in Nasdaq’s Listing Rule 5550(a)(2). The notification received has no immediate effect on the Company’s common stock on Nasdaq. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 cal

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Source: SEC EDGAR

accession 0001784567-22-000056

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