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

Author: Benzinga Newsdesk | November 16, 2022 05:12pm

Impac Mortgage Holdings, Inc. (NYSE: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.

Posted In: IMH