Impac Mortgage Holdings’ plan to regain compliance to maintain its inventory listed was accepted by the NYSE American trade, however the identical letter reported a second violation, the corporate mentioned.
The NYSE American inventory trade has accepted Impac Mortgage Holdings’ plan to regain the compliance it must maintain its shares listed, but additionally is now warning a second violation exists.
The letter notified Impac of one other violation of the trade’s requirements for shareholder fairness.
Impac is required to have $2 million of stockholder fairness if it has sustained losses from persevering with operations and/or web losses in two of its three most up-to-date fiscal years. The corporate has 5 consecutive years of web losses, though it additionally has reported some worthwhile quarters, together with the third and fourth quarters of 2021.
And within the third quarter of this 12 months, Impac misplaced $13 million, after losses of $13.5 million within the second quarter and $1.2 million within the first quarter. That makes it probably the corporate will finish this 12 months with a web loss.
As of Sept. 30, the corporate reported a stockholder deficit of $6.1 million.
“No additional plan submission or modification to the submitted plan is required in reference to the brand new deficiency discover,” Impac’s press launch mentioned.
In August, Impac disclosed it acquired a discover from the NYSE American trade — a market for publicly traded small cap corporations — that it violated its itemizing guidelines due to its continued fiscal losses.
Particularly, Impac was cited as being out of compliance because it failed to take care of required ranges of shareholder fairness and has misplaced cash 5 years in a row.
On Nov. 15, the NYSE American despatched a letter to Impac stating the plan had been accepted and the corporate has till Feb. 26, 2024 to regain compliance with the itemizing requirements.
In the meantime, additionally on Nov. 15, Impac introduced it accomplished the trade of its Collection B and Collection C most popular inventory, resolving a legacy difficulty for the corporate.
Every holder of Collection B inventory acquired 30 shares of the brand new 8.25% Collection D Cumulative Redeemable Most well-liked Inventory and 13.33 shares frequent inventory.
The Collection C inventory was exchanged for one share of the Collection D inventory, 1.25 shares of frequent inventory and 1.5 warrants to buy an equal quantity of frequent inventory at $5 per share.
On Nov. 17, Impac opened at 36.5 cents per share; its 52 week vary is between 24 cents a share and $1.35 per share, in keeping with Yahoo Finance.