The New York Stock Exchange has notified Irvine-based lender Impac Mortgage Holdings Inc. that it’s not in compliance with NYSE’s listing standards because its closing stock price has failed to average $1 per share for 30 consecutive days, the company announced today.
The NYSE Regulation Inc. issued the notification last Wednesday. As of last Tuesday, Impac’s 30-day average price was 91 cents per common share. The company’s stock, which traded for nearly $18 a share in 1998, closed today at 59 cents a share.
Under NYSE rules, the company has six months to bring its share price and average price back above $1, the company said. Its stock will continue to be listed and traded on the NYSE.
Earlier this year, Impac was listed as the nation’s 10th-largest originator of “Alt-A” home loans. Alt-A loans, which are a step above the subprime category, are issued to borrowers with high credit scores, but for some reason are unable or unwilling to provide full documentation of their income and financial status.
bye bye impac!
it’s getting mighty close to when IMH is going to file their delinquent 9/30/07 10-Q; the guys shorting the stock are anxious to buy xmas gifts.