IRVINE, Calif., Aug. 21 /PRNewswire-FirstCall/ -- Impac Mortgage
Holdings, Inc. (NYSE: IMH), or the "Company" a Maryland corporation, being
taxed as a real estate investment trust ("REIT"), announces that the NYSE
will continue to review the Company's listing during the approximately next
four-month period. On July 7, 2008, and as previously reported in a Current
Report on Form 8-K filed with the Securities and Exchange Commission on
July 11, 2008, the Company was notified by the NYSE Regulation, Inc. ("NYSE
Regulation") that it was again not in compliance with the New York Stock
Exchange's ("NYSE's") continued listing standard based on the fact that as
of the close of market on July 1, 2008, Impac's thirty day average price
had fallen below the $1.00 average share price requirement. This was a
repeat instance of quantitative non-compliance within 12 months of the cure
of the first notice of non-compliance.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)
After reviewing materials submitted by the Company specifying details
as to its strategic plans to address the current share price deficiency,
NYSE Regulation agreed to provide the Company an approximately four month
cure period. NYSE Regulation will formally reevaluate the Company's
continued listing with the NYSE's Listings and Compliance Committee at the
end of this approximately four month cure period, and it will also continue
to closely monitor the Company during this timeframe both with regards to
share price levels and progress on its planned initiatives.
About the Company
Impac Mortgage Holdings, Inc. is a mortgage REIT, which through its
Long Term Investment Operations is primarily invested in non-conforming Alt
A mortgage loans (Alt-A) and to a lesser extent small balance commercial
and multi-family loans. The Company is organized as a REIT for tax
purposes, which generally allows it to pass through earnings to
stockholders without federal income tax at the corporate level.
For additional information, questions or comments, please call Justin
Moisio in Investor Relations at (949) 475-3988 or email
jmoisio@impaccompanies.com. Web site: http://www.impaccompanies.com
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