REIT Cites NYSE Warning

Impac Mortgage Holdings Inc., a real estate investment trust based in Irvine, Calif., has reported receiving notification from the New York Stock Exchange that it is not in compliance with the exchange's continued-listing standards.The warning letter from NYSE Regulation Inc. said the mortgage REIT had failed to meet the standard requiring a company to maintain a 30-consecutive-day average closing price of over $1 per common share. Impac said its 30-day average price was $0.91 per share as of Nov. 27. Under NYSE rules, the company now has six months to bring its average share price back above $1 per share. Impac's common and preferred stock will continue to be listed and traded on the NYSE, subject to reassessment by NYSE Regulation.