HCDIP Harbor Custom Development, Inc. - 8.0% Series A Cumulative Convertible Preferred

We will pay cumulative dividends on the Series A Preferred Shares from and including the date of original issuance in the amount of $2.00 per share per annum, which is equivalent to 8.0% of the $25.00 liquidation preference per share. Dividends on the Series A Preferred Shares will be payable monthly in arrears, beginning with the month ending June 30, 2021. Beginning on June 9, 2024, we may, at our option, redeem the Series A Preferred Shares, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid dividends to but not including the date of redemption. Each Series A Preferred Share, together with accrued but unpaid dividends, is convertible into Common Stock at any time at the option of the holder at a Conversion Price of $4.50 per share, which initially equals 5.556 shares of Common Stock for each Series A Preferred Share as converted, subject to adjustment. At our option, we may cause the Series A Preferred Shares, plus accrued and unpaid dividends, to be automatically converted, in whole or in part, on a pro rata basis into Common Stock at the Conversion Price if the trading price of our Common Stock equals or exceeds 170% of the Conversion Price for at least 20 trading days in any 30 consecutive trading day period ending five days prior to the date of notice of conversion.  This security was issued by Harbor Custom Development, Inc., whose common stock symbol is HCDI.

As of 06/30/2022     IEX book   CBOE book

Security Information
Category1:  US Equity
Category2:  Preferred stocks
Category3:  Convertible
GICS sector:  Consumer Discretionary
Industry:  Real Estate—Development
Index country:  USA
Country of incorporation:  USA
IPO date:  06/10/2021
Outstanding shares:  1,200,000
Average volume:  12,171
Market cap:   $17,328,000
Current dividend yield:  13.85%    calculation
Coupon rate:    8.000%
Cumulative:    Yes
Liquidation value:   $25.00
Callable after:   06/09/2024
Maturity date:    n/a - perpetual
Prospectus:    Read on SEC.gov
All SEC filings:     SEC Edgar Online
Quarterly filings:   10-Q
Annual filings:      10-K

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