Here is why Impac Mortgage Holdings Inc. (IMH) stock popup in the after-hours on Friday?

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SONX Stock
SONX Stock

Impac Mortgage Holdings Inc. (IMH) shares soared 7.25% in after-hours on Friday, September 10, 2021, and closed the weekly trading at $1.48. In the regular trading session of Friday, IMH’s stock lost 0.72%. IMH shares have risen 7.39% over the last 12 months, and they have moved down 4.15% in the past week. Over the past three months, the stock has lost 38.39%, while over the past six months, it has declined 40.77%.

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IMH upcoming special shareholders meeting

On September 10, 2021, Impac Mortgage Holdings, Inc. (IMH) announced the date of a special meeting of holders of shares of the Company’s 9.375% Series B Cumulative Redeemable Preferred Stock. This Special Meeting will be a virtual meeting via live audio webcast on the Internet on October 13, 2021, at 9:00 a.m. Pacific Daylight Time.


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IMH recent financial results announcement

On August 12, 2021, Impac Mortgage Holdings, Inc (IMH) reported its financial results for the quarter ended June 30, 2021.

Q2 2021 financial highlights

  • IMH reported total revenue of $10.98 million in Q2 2021 compared to $4.06 million in Q2 2020.
  • Total operating expenses were $19.62 million in Q2 2021 compared to $14.47 in Q2 2020.
  • It suffered a net loss of $8.9 million, or $0.42 per diluted common share in Q2 2021 compared to a net (loss) of $22.8 million, or $1.08 per diluted common share in Q2 2020.
  • As of June 30, 2021, the company had total cash of 50.2 million compared to $54.2 million on December 31, 2020.

IMP corporate update

Impac Mortgage Holdings, Inc (IMH) announced the hiring of Obi Nwokorie as EVP, Alternative Credit Products, and Chief Investment Officer effective June 1, 2021.

Mr. Nwokorie most recently served as Managing Director of mortgage trading at Seer Capital Management. Before Seer Capital, Mr. Nwokorie served in various roles at both Credit Suisse Securities (USA) LLC and UBS Securities LLC.

IMH Q1 2021 financial results announcement

On May 6, 2021, Impac Mortgage Holdings, Inc. (IMH) announced its financial results for the quarter ended March 31, 2021.

Q1 2021 financial highlights

  • IMH earned revenue of $20.6 million in Q2 2021 compared to $43.51 million in Q1 2020.
  • Total operating expenses were $21.3 million in Q1 2021 compared to $30.77 million in Q1 2020.
  • It suffered a net loss of $683 thousand, or $0.03 per diluted common share in Q1 2021 compared to a net loss of $64.7 million, or $3.05 per diluted common share in Q1 2020.

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Conclusion

The announcement of the upcoming shareholders meeting could be the reason behind its positive performance on Friday and it can resume its positive momentum on Monday.

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