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Tuesday, May 24, 2022

Impac Halts Lending Amid Coronavirus

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Impac Mortgage Holdings (NYSE: IMH) has temporarily halted lending due to market uncertainty and extended a due date on some debt.

The Irvine housing lender extended by six months the due date for holders of $25 million in convertible promissory notes from early May to November.

“In this dislocated market, the company continues to focus on de-risking and protecting its liquidity,” Impac said in a statement.

Impac shares traded 4% higher Thursday to a market cap of about $49 million.

Separately, the company said independent director Richard Pickup will step down from its board.

Go here for more updates on how OC companies are responding to coronavirus.

For ongoing, in-depth coverage of coronavirus effects on OC businesses, see the Monday print edition of the Business Journal.

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