# EDGAR Filing Document

**Accession Number:** 0001784567
**File Stem:** 0001784567-23-000022
**Filing Date:** 2023-3
**Character Count:** 10263
**Document Hash:** 45baf45e1ef4885d36ed49c89b9327fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001784567-23-000022.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001784567-23-000022

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230308

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harbor Custom Development, Inc.
- **CENTRAL INDEX KEY:** 0001784567
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **IRS NUMBER:** 464827436
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39266
- **FILM NUMBER:** 23714937

**BUSINESS ADDRESS:**
- **STREET 1:** 11505 BURNHAM DR. NW
- **STREET 2:** SUITE 301
- **CITY:** GIG HARBOR
- **STATE:** WA
- **ZIP:** 98332
- **BUSINESS PHONE:** 2536490636

**MAIL ADDRESS:**
- **STREET 1:** 11505 BURNHAM DR. NW
- **STREET 2:** SUITE 301
- **CITY:** GIG HARBOR
- **STATE:** WA
- **ZIP:** 98332

?xml version="1.0" ? hcdi-20230308

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (date of earliest event reported): March 8, 2023

**<u>Harbor Custom Development, Inc.</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Washington** | **<u>001-39266</u>** | **46-4827436** |
| (State or other jurisdiction of <br>incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
| 1201 Pacific Avenue, Suite 1200<br>Tacoma, WA 98402 | 1201 Pacific Avenue, Suite 1200<br>Tacoma, WA 98402 | 1201 Pacific Avenue, Suite 1200<br>Tacoma, WA 98402 |
| (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) |

---

Registrant's telephone number, including area code **(253) 649-0636**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| **Common Stock** | HCDI | The Nasdaq Stock Market LLC |
| **8.0 % Series A Cumulative Convertible Preferred Stock** | HCDIP | The Nasdaq Stock Market LLC |
| **Warrants** | HCDIW | The Nasdaq Stock Market LLC |
| **Warrants** | HCDIZ | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 7.01 Regulation FD Disclosure.**

On March 8, 2023, Harbor Custom Development, Inc. (the "Company") issued a press release announcing that based on its preliminary results, the Company does not expect to meet its guidance targets for 2022 of full year revenue and adjusted EBITDA of $61 to $65 million and $(7) million to $(5) million loss, respectively. A copy of the press release is attached as Exhibit 99.1.

The information furnished under this Item 7.01 and in the accompanying Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

**Item 9.01 - Financial Statements and Exhibit**

(d) Exhibits.

The following exhibits are filed with this Current Report on Form 8-K:

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Description</u>** |
| **99.1** | <u>[Press Release of Harbor Custom Development, Inc., dated March 8, 2023](guidancepressrelease.htm)</u> |
| **104** | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

.

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| | | | |
|:---|:---|:---|:---|
| | | **Harbor Custom Development, Inc.** | **Harbor Custom Development, Inc.** |
| Date: | March 08, 2023 | By: | /s/ Jeff Habersetzer |
|  |  | Name: | Jeff Habersetzer |
|  |  | Title: | Chief Operating Officer, Secretary, and General Counsel |

---

## Exhibit 99.1

![imagea.jpg](imagea.jpg)

**Harbor Custom Development, Inc. Provides Preliminary 2022 Guidance Update**

TACOMA, Wash*.*, March 8, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), an innovative real estate company involved in all aspects of the land development cycle, today announced that based on its preliminary results, it does not expect to meet its guidance targets for 2022 of full year revenue and adjusted EBITDA of $61 to $65 million and $(7) million to $(5) million loss, respectively. The primary drivers of the miss were a cancellation of a sale of real estate in Punta Gorda, Florida, which was previously under contract and expected to close in the fourth quarter of 2022; cost overruns associated with two fee build projects that are now in final stages of completion; and an impairment charge that was recorded to one of the Company's multi-family properties. Harbor plans to provide full year financial results by March 31, 2023.

**About Harbor Custom Development, Inc.**

Harbor Custom Development, Inc. is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home and apartment building, marketing, and sales of various residential projects in Western Washington's Puget Sound region; Sacramento, California; Austin, Texas and Punta Gorda, Florida. As a land developer and builder of apartments, and single-family luxury homes, Harbor Custom Development's business strategy is to acquire and develop land strategically based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces. Harbor focuses on acquiring land with scenic views or convenient access to freeways and public transportation to develop and sell residential lots, new home communities, and multi-story apartment properties within a 20 to 60-minute commute of the nation's fastest-growing metro employment corridors.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements relate to, but are not limited to, expectations of future operating results and financial performance, including GAAP and non-GAAP guidance for the year ending December 31, 2022, the calculation of certain of our key financial and operating metrics, and expectations regarding sales of inventory, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantiﬁed. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "expect," "plan," anticipate," "believe," "estimate, "predict," "target," "project," "intend," "potential," "would," "continue," "ongoing," or the negative of these terms or other comparable terminology that concerns our expectations, strategy, priorities, plans, or

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intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These forward-looking statements are subject to various risks and uncertainties, including without limitation, changes in the real estate industry such as continued increases in mortgage interest rates which could continue to dampen residential home purchases, inflation, and those risks and uncertainties set forth in the Company's filings with the Securities and Exchange Commission. Thus, actual results could be materially different. This document includes statements of summarized financial projections. There will be differences between the projected and actual results because events and circumstances frequently do not occur as expected and those differences may be material. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law.

Investor Relations

Hanover International

IR@harborcustomdev.com

866-744-0974

<br>