Harbor Custom Development, Inc. Common Stock

HCDI

Market cap $464K

Harbor Custom Development Inc. (NASDAQ:HCDI) announced it has voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code in the Western District of Washington at Tacoma. In a statement, the company said it has filed several customary first-day motions with the Bankruptcy Court that will allow it to continue operating in the ordinary course of business while it prepares a Plan of Reorganization to ensure that it can maximize value for the benefit of its creditors.

Harbor Custom Development (NASDAQ: HCDI ) stock is taking a beating on Tuesday after the real estate development company filed for Chapter 11 bankruptcy protection. According to a press release from Harbor Custom Development, this bankruptcy filing was made voluntarily as the company seeks to either restructure its business or wind down operations.

TACOMA, Wash, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (collectively with certain of its wholly owned subsidiaries described below, “HCDI” or “the Company”), a real estate company involved in all aspects of the land development cycle, and certain of its wholly owned subsidiaries today announced that the Company has voluntarily filed for protection under Chapter 11 of the United States Bankruptcy Code in the Western District of Washington at Tacoma (collectively, the “Chapter 11 cases”) to pursue an orderly wind down or restructuring of its business. The Company has filed a number of customary first day motions with the Bankruptcy Court that will allow it to continue operating in the ordinary course of business while it prepares a Plan of Reorganization to ensure that it can maximize value for the benefit of its creditors. HCDI will continue to market and sell finished lots and homes and to operate multi-family projects as they work towards stabilization.

Penny stocks like Green Giant (GGE), Neximmune (NEXI), Altimmune (ALT), and Harbor Custom Development (HCDI) were among the best-performing companies in Wall Street on Friday. All of them jumped by more than 40% even as the Nasdaq 100 and S&P 500 indices pulled back.