Harbor Custom Development announces 1-for-20 reverse stock split effective March 6, 2023

Harbor Custom Development, Inc.

Reverse split at 1-for-20 ratio approved by board on Feb 27, 2023; Articles of Amendment filed March 1.
Common stock to trade on Nasdaq Capital Market under symbol HCDI with new CUSIP 41150T 306 starting March 6.
Split intended to maintain compliance with Nasdaq minimum bid price continued listing standard.
Fractional shares rounded up to nearest whole share; no change to authorized shares or par value.
CEO cites reverse split and Bank United loan restructuring as critical foundation for company objectives.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Harbor Custom Development, Inc.: Filed Articles of Amendment to effect a 1-for-20 reverse stock split of common stock (effective 2023-03-01).

Change: charter amendment
Effective: 2023-03-01

Exact text from the filing

On March 1, 2023, the Company filed Articles of Amendment to its Articles of Incorporation, as amended, to effect the Reverse Stock Split.

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Source: SEC EDGAR

accession 0001784567-23-000019

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