Impac Mortgage Holdings, Inc. Announces Acceptance of Plan to Regain Compliance with NYSE American Continued Listing Standards by February 26, 2024 and Receipt of Noncompliance Notice from NYSE American
16 Novembre 2022 - 10:05PM
Business Wire
Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the
“Company” or “we”) announced today that, as previously reported, on
August 26, 2022, the Company received a notification from the NYSE
American LLC (the “NYSE American”) stating that the Company was not
in compliance with a certain NYSE American continued listing
standard relating to stockholders’ equity. The Company timely
submitted a plan on September 26, 2022 to the NYSE American
advising of actions the Company intends to take to regain
compliance with the continued listing standards.
On November 15, 2022, the Company received a notification
(“Acceptance Letter”) from the NYSE American that it has accepted
the Company’s plan to regain compliance with the NYSE American’s
continued listing standards and has granted the Company until
February 26, 2024 to regain such compliance. If the Company does
not make progress consistent with the terms of the accepted plan
during the plan period or is not in compliance with the NYSE
American’s continued listing standards by February 26, 2024, the
NYSE American will commence delisting procedures. The Company will
have the right to appeal any delisting determination made by NYSE
American staff.
Additionally, the Acceptance Letter notified the Company that
the Company was not in compliance with a further NYSE American
continued listing standard relating to stockholders’ equity
(“Deficiency Notice”). Specifically, the Acceptance Letter stated
that the Company is not in compliance with Section 1003(a)(i) of
the NYSE American Company Guide, which requires an issuer to have
stockholders' equity of at least $2,000,000 if such issuer has
sustained losses from continuing operations and/or net losses in
two of its three most recent fiscal years. The Company reported a
stockholder’s deficit of ($6.1) million in its quarterly report on
Form 10-Q for the quarter ended September 30, 2022 and net losses
in its five most recent fiscal years ended December 31, 2021. No
further plan submission or amendment to the submitted plan is
required in connection with the new Deficiency Notice.
The Company’s common stock, par value $0.01 per share (“Common
Stock”), will continue to trade under the symbol “IMH,” but will
have an added designation of “.BC” to indicate that the Company is
not in compliance with the NYSE American’s listing standards.
Receipt of the notice does not affect the Company’s business,
operations or reporting requirements with 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 that are beyond our control, may be identified by reference
to a future period or periods or by the use of forward-looking
terminology, such as “may,” “capable,” “will,” “intends,”
“believe,” “expect,” “likely,” “potentially,” “appear,” “should,”
“could,” “seem to,” “anticipate,” “expectations,” “plan,” “ensure,”
“desire,” or similar terms or variations on those terms or the
negative of those terms. The forward-looking statements are based
on current management expectations. Actual results may differ
materially as a result of several factors, including, but not
limited to the following: ongoing compliance with the Company’s
plan for regaining compliance with the NYSE American’s listed
company standards; impact on the U.S. economy and financial markets
due to the outbreak and continued effect of the COVID-19 pandemic;
our ability to successfully consummate the contemplated exchange
offers for our outstanding preferred stock and receive the
requisite consents for the proposed amendments to our charter
documents to facilitate the redemption from holders of our
outstanding preferred stock who do not participate in the exchange
offers; any adverse impact or disruption to the Company’s
operations; changes in general economic and financial conditions
(including federal monetary policy, interest rate changes, and
inflation); increase in interest rates, inflation, and margin
compression; ability to successfully sell aggregated loans to
third-party investors; successful development, marketing, sale and
financing of new and existing financial products, including NonQM
products; recruit and hire talent to rebuild our TPO NonQM
origination team, and increase NonQM originations; volatility in
the mortgage industry; performance of third-party sub-servicers;
our ability to manage personnel expenses in relation to mortgage
production levels; our ability to successfully use warehousing
capacity and satisfy financial covenants; our ability to maintain
compliance with the continued listing requirements of the NYSE
American for our common stock; increased competition in the
mortgage lending industry by larger or more efficient companies;
issues and system risks related to our technology; ability to
successfully create cost and product efficiencies through new
technology including cyber risk and data security risk; more than
expected increases in default rates or loss severities and mortgage
related losses; ability to obtain additional financing through
lending and repurchase facilities, debt or equity funding,
strategic relationships or otherwise; the terms of any financing,
whether debt or equity, that we do obtain and our expected use of
proceeds from any financing; increase in loan repurchase requests
and ability to adequately settle repurchase obligations; failure to
create brand awareness; the outcome of any claims we are subject
to, including any settlements of litigation or regulatory actions
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 latest Annual Report on Form
10-K and Quarterly Reports on Form 10-Q we file with the SEC 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 release publicly the results of any
revisions that may be made to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements except as required
by law.
About the Company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative
mortgage lending and real estate solutions that address the
challenges of today’s economic environment. Impac’s operations
include mortgage lending, servicing, portfolio loss mitigation,
real estate services, and the management of the securitized
long-term mortgage portfolio, which includes the residual interests
in securitizations.
For additional information, questions or comments, please call
Justin Moisio, Chief Administrative Officer at (949) 475-3988 or
email Justin.Moisio@ImpacMail.com. Website:
http://ir.impaccompanies.com or www.impaccompanies.com
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version on businesswire.com: https://www.businesswire.com/news/home/20221116005944/en/
Justin Moisio, Chief Administrative Officer (949) 475-3988
Justin.Moisio@ImpacMail.com
Impac Mortgage (AMEX:IMH)
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