Shares of Irvine-based Impac Mortgage Holdings Inc. closed down 40% Tuesday after the New York Stock Exchange said the company’s stock should be removed from trading on the prestigious exchange by this Friday.
The real estate investment trust’s battered stock was trading at levels viewed as “abnormally low” with a closing price of $0.12 on Monday, the exchange said.
Companies trading on the NYSE are expected to maintain a consecutive 30-day average closing stock price of more than $1 per common share.
Impac’s stock has been well below that figure for some time; the NYSE first warned the company about a possible delisting last December.
The delisting will involve Impac’s common stock, as well as two classes of preferred stock, which will move to the Pink Sheets.
The company now counts a market value of just $5 million.
