IMH - IMH STOCK NEWS

Impac Mortgage Holdings, Inc. (NYSE American: IMH) will host a conference call and live webcast on March 16, 2023, at 2:00 p.m. P.T. to discuss its year-end 2022 financial results. The results will be released after market close on the same day. Participants can submit questions via email to Justin.Moisio@ImpacMail.com. To join the call, dial (800) 715-9871 with conference ID 3840699. The call will be archived on the Impac website shortly after completion.

Impac Mortgage Holdings (NYSE: IMH) has provided a business update outlining its strategic adjustments in response to challenging market conditions. In December 2022, the company negotiated a significant reduction in office space, cutting its lease obligations from over $8.8 million to approximately $800,000. The company is transitioning its retail lending division to a mortgage broker fulfillment model, which is expected to reduce costs and enhance product offerings. However, the third-party origination channel faced significant volume and margin declines in 2022, prompting the company to wind down operations in this segment. Impac plans to relinquish its GSE Seller/Servicer designation due to the lack of recent GSE deliveries.

Impac Mortgage Holdings, Inc. (NYSE American: IMH) received a notification for non-compliance with NYSE American's listing standards pertaining to stockholders’ equity. The company submitted a compliance plan on September 26, 2022, which was accepted by NYSE American on November 15, 2022, granting them until February 26, 2024, to comply. Currently, the company reports a stockholder’s deficit of $6.1 million and has sustained net losses for five consecutive years. The common stock will continue trading under the symbol IMH with a designation indicating non-compliance.

Impac Mortgage Holdings (NYSE American: IMH) announced the redemption of all remaining shares of its 9.375% Series B and 9.125% Series C Cumulative Redeemable Preferred Stock, effective November 15, 2022. Holders of Series B shares will receive 30 shares of 8.25% Series D Preferred Stock and 13.33 shares of Common Stock, while Series C shareholders will receive one share of New Preferred Stock, 1.25 shares of Common Stock, and warrants for additional stock. Approximately 6.6 million shares of New Preferred Stock and 3.3 million shares of Common Stock were issued as part of this redemption.

Impac Mortgage Holdings (IMH) reported a net loss of $(13.0) million for Q3 2022, translating to $(0.62) per diluted share, down from earnings of $2.1 million in Q3 2021. Adjusted losses totaled $(12.6) million, as mortgage originations plummeted to $62 million from $682.6 million year-over-year. The decline reflects harsh market conditions, including rising interest rates and reduced refinancing activity. Total expenses were reduced by 44% to $11.1 million, but this was insufficient to offset revenue drops, especially in loan sales. The company aims to stabilize operations amid market volatility.

Impac Mortgage Holdings, Inc. (NYSE American: IMH) has scheduled a conference call and live webcast for November 11, 2022, at 6:00 a.m. P.T. to discuss its third quarter 2022 financial results, which will be released after market close on November 10, 2022. The call will include a Q&A session with management. Investors can join by dialing (800) 715-9871 with conference ID 8651902. The call will be archived on the company's website shortly after its conclusion.

Impac offers mortgage lending, servicing, and real estate solutions.

Impac Mortgage Holdings, Inc. (NYSE American: IMH) announced its plan to redeem all outstanding shares of its 9.375% Series B and 9.125% Series C Cumulative Redeemable Preferred Stock, with a redemption date set for November 15, 2022. Holders of Series B Preferred Stock will receive thirty shares of the new 8.25% Series D Preferred Stock and 13.33 shares of Common Stock. Series C holders will get one share of the new Series D Preferred Stock, 1.25 shares of Common Stock, and 1.5 warrants for further Common Stock purchases. Fractional shares and warrants will not be issued.

Impac Mortgage Holdings, Inc. (NYSE American: IMH) completed its Exchange Offers for holders of its 9.375% Series B and 9.125% Series C Cumulative Redeemable Preferred Stock. The Company will issue approximately 6.1 million shares of Common Stock and 13.8 million shares of 8.25% Series D Cumulative Redeemable Preferred Stock for Series B, and about 1.2 million shares of Common Stock, 950,471 shares of New Preferred Stock, and 1.4 million Warrants for Series C. Additionally, shares will be held in escrow related to ongoing legal proceedings.

Impac Mortgage Holdings, Inc. (AMEX: IMH) announced that its Common Stock holders approved proposals necessary for closing exchange offers regarding its 9.375% Series B and 9.125% Series C Cumulative Redeemable Preferred Stock. The approvals were obtained during a special meeting on October 20, 2022. Approximately 69.23% of Series B and 67.59% of Series C shares were validly tendered. All exchanged shares will be accepted for payment on October 26, 2022. Additionally, a registration statement related to the new shares was declared effective by the SEC on October 18, 2022.