Tacoma, Washington, May 16, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes®," or the "Company"), (NASDAQ: HCDI; HCDIP; HCDIW, HCDIZ) on May 10, 2022, authorized a stock repurchase plan of up to an aggregate of $5.0 million, excluding fees and expenses, which may be used to repurchase shares of the Company’s outstanding common stock, warrants to purchase shares of common stock, and shares of preferred stock (collectively, the “Securities”), over the next 12 months. The Securities may be repurchased from time to time in open market transactions, in privately negotiated transactions, pursuant to the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, or otherwise, with the terms and conditions of these repurchases depending on legal requirements, price, market and economic conditions, and other factors. The Company is not obligated under the terms of the plan to repurchase any of its Securities and the Company may extend, suspend, or terminate the program at any time without prior notice. Any Securities repurchased as part of this program will be retired.