Impac Mortgage Holdings Plans $39M Stock Offering
Impac Mortgage Holdings has released the pricing of an upcoming follow-on stock offering.
The Irvine, Calif.-based company plans to sell 3 million shares at a price of $13 per share. Impac's gross proceeds from the offering are expected to come in at $39 million before underwriter discounts, commissions and estimated expenses.
Altogether, the offering represents a 20% increase of the shares Impac offered.
The offering's underwriter has a 30-day option to buy an additional 450,000 shares to cover any overallotments. The offering is expected to close Sept. 21. JMP Securities is the offering's sole book-running manager.