Impac Mortgage Holdings, Inc. Announces Receipt of Non-Compliance Notice from NYSE American | New

IRVINE, Calif.–(BUSINESS WIRE)–August 29, 2022–

Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the “Company” or “we”) announced today that on August 26, 2022, it received notice from NYSE American LLC (“NYSE American”) stating that it was not in compliance with the continuous listing standard set forth in sections 1003(a)(ii) and 1003(a)(iii) of the NYSE American Company Guide (the “Company Guide”). These sections apply, respectively, if a listed company has shareholders’ equity of less than $4 million and has reported losses from continuing operations and/or net losses in three of its last four fiscal years and has equity of less than $6 million. and has reported losses from continuing operations and/or net losses in its last five fiscal years. The Company reported shareholders’ equity of approximately $3.5 million as of June 30, 2022, the end of its second fiscal quarter of 2022, and recorded losses from continuing operations and/or net losses during each of its last five fiscal years, including the fiscal year ended December 31, 2021. As a result, the company has become subject to the procedures and requirements of section 1009 of the corporate guide and must submit a plan to NYSE American by September 26, 2022 indicating how the company intends to regain compliance under Sections 1003(a)(ii) and 1003(a)(iii) by February 26, 2024.

The Company intends to prepare and deliver a compliance plan to NYSE American in a timely manner. If the Company does not submit a plan, or if the plan submitted by the Company is not accepted by NYSE American, the Company will be subject to debarment proceedings as specified in the Company Guide. Additionally, if the plan is accepted by NYSE American, but the Company is not in compliance with the Continuing Listing Standards by February 26, 2024, or the Company is not progressing in accordance with the plan, the Company will be subject to a deregistration procedure. The Company shall have the right to appeal any delisting decision made by NYSE American personnel. If the plan is accepted, the Company will also be subject to periodic reviews by NYSE American, including a quarterly plan compliance review.

The common stock will continue to trade under the symbol “IMH” but will have an additional designation of “.BC” to indicate that the company is not in compliance with NYSE American listing standards. Receipt of the notice does not affect the Company’s business, operations or reporting requirements to the Securities and Exchange Commission.

Forward-looking statements

This press release contains certain 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. Forward-looking statements, some of which are based on various assumptions and events which are beyond under our control, can be identified by reference to one or more future periods or by the use of forward-looking terminology, such as “may”, “able”, “will”, “intend”, “believe”, “expects”, “probably”, “potentially”, “appears”, “should”, “could”, “seem”, “anticipate”, “expectations”, “plan”, “guarantee”, “desire” , or terms or similar variations on these terms or the negative of these terms. Forward-looking statements are based on management’s current expectations. Actual results may differ materially due to a number of factors, including, but not limited to, the following: acceptance of a plan to restore compliance with NYSE American listed company standards; the impact on the U.S. economy and financial markets due to the onset and continuing effect of the COVID-19 pandemic; our ability to successfully complete contemplated exchange offers for our outstanding preferred shares and to receive the required consents for proposed amendments to our governing documents to facilitate the redemption of holders of our outstanding preferred shares who are not participating in the exchange offers; any adverse impact or disruption to the operations of the Company; changes in general economic and financial conditions (including federal monetary policy, changes in interest rates and inflation); rising interest rates, inflation and margin squeeze; ability to successfully sell aggregated loans to third-party investors; the successful development, marketing, sale and financing of new and existing financial products, including NonQM products; recruit and hire talent to rebuild our TPO NonQM assembly team and increase NonQM assembly; volatility in the mortgage industry; performance of third-party contractors; our ability to manage personnel expenses against mortgage production levels; our ability to successfully utilize storage capacity and meet financial commitments; our ability to maintain compliance with the NYSE American’s continuous listing requirements for our common stock; increased competition in the mortgage industry from larger or more efficient companies; system problems and risks related to our technology; ability to successfully create cost and revenue savings through new technologies, including cyber risk and data security risk; larger than expected increases in default rates or the severity of mortgage loan losses and losses; ability to obtain additional financing through loan and buyout facilities, debt or equity financing, strategic relationships or otherwise; the terms of any financing, whether debt or equity, that we obtain and the intended use of the proceeds of any financing; increase in loan redemption requests and ability to adequately settle redemption obligations; inability to create brand awareness; the outcome of any claim to which we are subject, including any settlement of litigation or regulatory action pending against us or other legal contingencies; and compliance with applicable local, state and federal laws and regulations.

For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. that we file with securities. and Exchange Commission and in particular the discussion of “risk factors” therein. This document speaks only as of its date and we do not undertake, and expressly disclaim any obligation, to publish the results of any revisions that may be made to any forward-looking statement to reflect the occurrence of anticipated events or circumstances. or contingencies after the date of these statements, except as required by law.

About the company

Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative mortgage and real estate lending solutions that meet the challenges of today’s economic environment. Impac’s business includes mortgage lending, management, portfolio loss mitigation, real estate services and securitized long-term mortgage portfolio management, which includes residual interests in securitizations.

For more information, questions or comments, please call Justin Moisio, General Manager at (949) 475-3988 or email [email protected] Website: Where

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CONTACT: Justin Moisio, General Manager

(949) 475-3988

[email protected]



SOURCE: Impac Mortgage Holdings, Inc.

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PUBLISHED: 08/29/2022 09:00 / DISK: 08/29/2022 09:02

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