Impac Given Time to Fix Stock Noncompliance

Impac Mortgage Holdings Inc., Irvine, Calif., has been given a four-month cure period to fix noncompliance issues regarding its listing on the New York Stock Exchange. The regulatory arm of NYSE notified Impac that it had once again fallen out of compliance with the continued-listing standards because, as of July 1, its 30-day average price had fallen below the $1 average requirement. This counted as a repeat instance of quantitative noncompliance within 12 months of a cure of a first notice of noncompliance. NYSE Regulation reviewed materials on the real estate investment trust's plans to address the current share price deficiency and gave Impac four months to cure the problem. NYSE Regulation will also continue to closely monitor Impac regarding share price levels and progress on planned initiatives. The last time Impac traded above $1 was on June 2, according to Yahoo! Finance. The stock traded as low as $0.69 on June 30. On Aug. 21, it closed at $0.77 per share.