Harbor Custom Development Inc (HCDI)

[novicetrader]

Did HCDI have an Offering on May 11? Is that the reason for friday drop?Don't see any news release about it,but there's an SEC filing from May 11(link below):
https://www.sec.gov/Archives/edgar/data/1784567/000149315223016461/forms-1a.htm

Harbor Custom Development, Inc., a Washington corporation (“Harbor,” “HCDI,” the “Company,” “we,” “us,” or “our”) is offering up to 2,087,683 shares of common stock, together with warrants to purchase up to 2,087,683 shares of common stock at an assumed combined public offering price of $4.79 per share and warrant, which is equal to the closing price per share of our common stock on the Nasdaq Capital Market (“Nasdaq”) on May 9, 2023 (and the shares issuable from time to time upon exercise of the warrants) pursuant to this prospectus. The shares of common stock and warrants will be separately issued, but the shares of common stock and warrants will be issued to purchasers in the ratio of one-to-one. Each warrant will have an exercise price of $4.79 per share, will be exercisable upon issuance, and will expire five years from the date of issuance.