---
schema_version: "secwatch.filing_event.v1"
accession: "0001784567-23-000063"
form_type: "8-K"
ticker: null
cik: "0001784567"
company_name: "Harbor Custom Development, Inc."
filed_at: "2023-09-22T23:59:59+00:00"
generated_at: "2026-06-10T09:47:56.010081+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Board member resignation triggers Nasdaq non-compliance for Harbor Custom Development

## Summary
- Director Wally Walker resigned Sept 18, 2023 to become Deputy Athletics Director at Univ of Virginia.
- His departure created Audit Committee vacancy, triggering non-compliance with Nasdaq Rule 5605.
- Nasdaq granted cure period ending at earlier of next annual meeting or Sept 18, 2024.
- Company will immediately begin search for new Board and Audit Committee member.
- Stock continues trading on Nasdaq under symbol HCDI; no immediate delisting.

## SEC filing metadata
- accession: 0001784567-23-000063
- form_type: 8-K
- cik: 0001784567
- company_name: Harbor Custom Development, Inc.
- filed_at: 2023-09-22T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 3.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1784567/000178456723000063/0001784567-23-000063-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1784567/000178456723000063/hcdi-20230918.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001784567-23-000063
- JSON: https://secwatch.observer/filing/0001784567-23-000063.json
- Plain text: https://secwatch.observer/filing/0001784567-23-000063.txt

## Key facts
- Listing & Compliance Notices
  Harbor Custom Development, Inc. received a nasdaq noncompliance notice notice regarding audit committee (rules 5605, 5605(c)(4)).
  - Exchange: nasdaq
  - Notice: noncompliance notice
  - Deficiency: audit committee
  - Rules: 5605, 5605(c)(4)
  source text: September 22, 2023, the Company issued a press release announcing the resignation of Mr. Walker, a copy of which is attached as Exhibit 99.1 to this Current Report. Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On September 22, 2023, the Company received a notice (the “Notice”) from The Nasdaq Stock Market LLC (the “Nasdaq”) stating that, as a result of Mr. Walker’s resignation from the Board and the Audit Committee of the Board, the Company is no longer in compliance with Nasdaq Listing Rule 5605. The Notice indicates that, cons
  evidence_url: https://www.sec.gov/Archives/edgar/data/1784567/000178456723000063/0001784567-23-000063-index.htm
- Executive change
  Wally Walker resigned as Director at Harbor Custom Development, Inc..
  - Action: resigned
  - Role: Director
  source text: On September 18, 2023, Wally Walker, a member of the Board of Directors (the “Board”) of Harbor Custom Development, Inc. (the “Company”) notified the Board of his intention to resign from the Board and as a member of the Audit and Compensation Committees of the Board, effective September 18, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1784567/000178456723000063/0001784567-23-000063-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.