IMH - Impac Mortgage shareholders approve proposals for preferred stock exchange offers
- Impac Mortgage Holdings ( NYSE: IMH ) said holder of its common stock approved proposals that allow the closing of its previously announced offers to exchange some of its preferred stock for stock and warrants.
- As the company's exchange offers expired on 11:59 PM on Thursday, holders of ~69.23% of outstanding shares of its 9.375% series B preferred stock and holders of ~67.59% of 9.125% series C preferred stock tendered their shares for the exchange.
- In addition some 1,300 shares of series C preferred that remain subject to guaranteed delivery procedures were tendered before the expiration date.
- Impac Mortgage ( IMH ) expects to accept the series C preferred shares that remain subject to guaranteed delivery and to make payment on all accepted shares on Oct. 26, 2022.
- The company didn't say how many common shares and warrants it expects to issue through the offering.
- Impac Mortgage ( IMH ) also registered shares of common stock, warrants, and shares of 8.25% series D cumulative redeemable preferred stock issuable in the exchange offers.
- In August, Impac Mortgage ( IMH ) received a notice of noncompliance from the NYSE for standards relating to its stockholders' equity and annual losses.
For further details see:
Impac Mortgage shareholders approve proposals for preferred stock exchange offers