Impac Mortgage Holdings (IMH)

[dpsimswm]

Impac Mortgage Holdings, Inc. Announces Date of Redemption of Series B Preferred Stock and Series C Preferred Stock

IRVINE, Calif., October 28, 2022--(BUSINESS WIRE)--Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the "Company") today announced it intends to redeem all outstanding shares of the Company’s 9.375% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (CUSIP: 45254P300) ("Series B Preferred Stock"), and all outstanding shares of the Company’s 9.125% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (CUSIP: 45254P409) (the "Series C Preferred Stock," and together with the Series B Preferred Stock, the "Preferred Stock"). Preferred Stock held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depository Trust Company.

The redemption date will be November 15, 2022 (the "Redemption Date"). Each outstanding share of Series B Preferred Stock will be redeemed for (i) thirty (30) shares of the Company’s 8.25% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share ("New Preferred Stock"), and (ii) 13.33 shares of the Company’s Common Stock, par value $0.01 per share (the "Common Stock") (collectively, the "Series B Redemption Price"). Each outstanding share of Series C Preferred Stock will be redeemed for (i) one share of New Preferred Stock, (ii) 1.25 shares of Common Stock, and (ii) a 1.5 warrants to purchase the same number of shares of Common Stock at a purchase price of $5.00 per share of Common Stock (collectively, the "Series C Redemption Price," and together with the Series B Redemption Price, the "Redemption Price").

No fractional shares of Common Stock will be issued pursuant to the redemption, and each holder of Preferred Stock entitled to receive a fractional share of Common Stock shall be entitled to receive one share of Common Stock in lieu of the fraction of share of Common Stock. No fractional warrants will be issued pursuant to the redemption, and the Company will round down to the nearest whole number of warrants to be issued to each holder of Series C Preferred Stock otherwise entitled to receive a fractional warrant. The applicable Redemption Price will be paid on the Redemption Date.

https://finance.yahoo.com/news/impac-mortgage-holdings-inc-announces-130000907.html