Impac Mortgage Holdings, Inc. Announces Completion of Exchange Offers Relating to its Preferred Stock

IRVINE, Calif.–(BUSINESS WIRE)–Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the “Company”) today announced the completion of its previously announced offers to each holder of the Company’s 9.375% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”) and each holder of the Company’s 9.125% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series C Preferred Stock,” and together with the Series B Preferred Stock, the “Preferred Stock”) to exchange all outstanding shares of Preferred Stock for certain stock and warrant consideration (the “Exchange Offers”).

In conjunction with the closing of the Exchange Offers, the Company will issue approximately (A) (i) 6,142,213 shares of Common Stock and (ii) 13,823,340 shares of the Company’s 8.25% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “New Preferred Stock”) in exchange for the shares of Series B Preferred Stock tendered in the Exchange Offer for the Series B Preferred Stock, and (B) (i) 1,188,106 shares of Common Stock, (ii) 950,471 shares of New Preferred Stock, and (iii) 1,425,695 Warrants to purchase the same number of shares of Common Stock in exchange for the shares of Series C Preferred Stock tendered in the Exchange Offer for the Series C Preferred Stock.

In addition, in connection with the petitions (the “Plaintiff Series B Award Motions”) for a court award of attorney’s fees, expenses or other monetary award to be deducted and paid from the Company’s payment of distributions or other payments to the holders of the Company’s Series B Preferred Stock in the matter Curtis J. Timm, et al. v Impac Mortgage Holdings, Inc. et al. (the “Maryland Action”), the Company will deposit, no later than November 2, 2022, approximately (i) 13,311,840 shares of New Preferred Stock and (ii) 4,437,280 shares of the Company’s Common Stock in the custody of a third party custodian or escrow agent (the “Escrow Shares”). The allocation of the Escrow Shares will be made by instruction from the Circuit Court of Baltimore City upon final disposition of all outstanding matters in the Maryland Action, including the Plaintiff Series B Award Motions.

D.F. King & Co., Inc. served as the Information Agent and Solicitation Agent for the Exchange Offers and the accompanying solicitation of consents from the holders of Preferred Stock, and American Stock Transfer & Trust Company, LLC served as the Exchange Agent.

This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the shares of Preferred Stock, an offer to sell or a solicitation of an offer to buy any shares of the Company’s Common Stock, par value $0.01 per share, warrants to purchase Common Stock, or shares of the Company’s 8.25% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share, or a solicitation of the related consents. The Exchange Offers were made only through, and pursuant to the terms and conditions set forth in, the Company’s Schedule TO, Prospectus/Consent Solicitation and related Letters of Transmittal and Consents.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control, may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “capable,” “will,” “intends,” “believe,” “expect,” “likely,” “potentially,” “appear,” “should,” “could,” “seem to,” “anticipate,” “expectations,” “plan,” “ensure,” “desire,” or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, but not limited to the following: acceptance of a plan for regaining compliance with the NYSE American’s listed company standards; impact on the U.S. economy and financial markets due to the outbreak and continued effect of the COVID-19 pandemic; our ability to successfully consummate the contemplated exchange offers for our outstanding preferred stock and receive the requisite consents for the proposed amendments to our charter documents to facilitate the redemption from holders of our outstanding preferred stock who do not participate in the exchange offers; any adverse impact or disruption to the Company’s operations; changes in general economic and financial conditions (including federal monetary policy, interest rate changes, and inflation); increase in interest rates, inflation, and margin compression; ability to successfully sell aggregated loans to third-party investors; successful development, marketing, sale and financing of new and existing financial products, including NonQM products; recruit and hire talent to rebuild our TPO NonQM origination team, and increase NonQM originations; volatility in the mortgage industry; performance of third-party sub-servicers; our ability to manage personnel expenses in relation to mortgage production levels; our ability to successfully use warehousing capacity and satisfy financial covenants; our ability to maintain compliance with the continued listing requirements of the NYSE American for our common stock; increased competition in the mortgage lending industry by larger or more efficient companies; issues and system risks related to our technology; ability to successfully create cost and product efficiencies through new technology including cyber risk and data security risk; more than expected increases in default rates or loss severities and mortgage related losses; ability to obtain additional financing through lending and repurchase facilities, debt or equity funding, strategic relationships or otherwise; the terms of any financing, whether debt or equity, that we do obtain and our expected use of proceeds from any financing; increase in loan repurchase requests and ability to adequately settle repurchase obligations; failure to create brand awareness; the outcome of any claims we are subject to, including any settlements of litigation or regulatory actions pending against us or other legal contingencies; and compliance with applicable local, state and federal laws and regulations.

For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q we file with the SEC and in particular the discussion of “Risk Factors” therein. This document speaks only as of its date and we do not undertake, and expressly disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements except as required by law.

About the Company

Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative mortgage lending and real estate solutions that address the challenges of today’s economic environment. Impac’s operations include mortgage lending, servicing, portfolio loss mitigation, real estate services, and the management of the securitized long-term mortgage portfolio, which includes the residual interests in securitizations.

For additional information, questions or comments, please call Justin Moisio, Chief Administrative Officer at (949) 475-3988 or email Justin.Moisio@ImpacMail.com.

Website: http://ir.impaccompanies.com or www.impaccompanies.com

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An Abandoned Fort Gets New Life in Rajasthan: House Hunting in India

In its annual Financial Stability Report, released in June 2022, the Reserve Bank of India (RBI) noted that the Indian economy “remains on the path of recovery,” though the authors note that the “tightening of financial conditions and spikes in volatility warrant careful handling and close monitoring.”

Overall, the India House Price Index recorded annual growth of 1.8 percent in the fourth quarter of 2021 in India’s 10 largest cities, down from 3.1 percent during the previous quarter and 2.7 year over year.

At the height of the coronavirus pandemic, home sales in India fell 79 percent, reported Global Property Guide, citing data from PropTiger.com, an Indian real estate portal. Since then, PropTiger, which bases its reports on India’s eight major markets, has reported that both home sales and available inventory improved in the second quarter of 2022. Overall housing sales in Q2 2022 increased by 5 percent over the previous quarter.

The two cities in the survey closest to Sikar — Ahmedabad and Delhi-National Capital Region — tell differing stories, with the former showing a 30 percent increase in sales over the previous quarter and the latter showing a 10 percent decrease, according to PropTiger research. While pricing was up 7 percent overall in the eight subject cities, starting at about 6,650 Indian rupees ($80) per square foot, Ahmedabad and Delhi NCR fell below the average, with square-foot prices of about 3,600 rupees ($43) in the former and about 4,600 rupees ($55) in the latter. Mumbai is the most expensive Indian city, averaging about 10,000 rupees ($120) per square foot.

However, both Ahmedabad and Delhi NCR showed declines in new launches. But in Jaipur, PropTiger’s portal showed 2,127 new listings, a 4 percent increase over the past six months. At a new gated housing project with a swimming pool and 24-hour security, two-bedroom units with 800 square feet sold for between 2.375 million to 2.94 million rupees ($28,800 and $35,500). A 1,200-square-foot, three-bedroom unit sold for 3.62 million rupees ($43,800).

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The Trend is Clear: Multifamily Construction on the Rise

Housing starts dropped in September below the historical average of 1.5 million homes as both single-family home construction and multifamily apartment building slowed down. Nevertheless, the number of housing units under construction rose to 1.7 million units for the first time ever. While construction delays and supply constraints have lengthened the under-construction time, the record high number of units under construction is also attributable to the rise of the apartment buildings. Data shows that there are more multifamily than single-family units under construction. Specifically, in September, 893,000 units in buildings with five units or more compared to 800,000 single-family units were under construction. Meanwhile, it’s worth noting that the number of single-family units under construction has decreased for the last four straight months. On the other hand, the number of multifamily units under construction has increased for nearly the last couple of years. Thus, the completion of these units could help with rent increases.

In addition, even more apartment buildings have begun construction. Although multifamily housing starts eased in September, the U.S. is building about 50% more than the pre-pandemic historical average. Nevertheless, our country continues to underbuild single-family homes. Yet the number of single-family housing starts is 13% below the pre-pandemic historical average. Thus, multifamily construction has made impressive gains during the last couple of years. While people are buying homes faster than they can be built, builders are turning to structures that can accommodate more people under one roof.

In the meantime, high construction costs are reported to be one of the biggest hurdles for builders. However, building multifamily homes may help offset some of these costs. In microeconomics, this is primarily due to economies of scale. For instance, most subcontractors may offer a discount when they do one big project instead of two small ones. Moreover, the cost of the lot may also be relatively smaller. Buying a larger lot to build a multifamily home may be less expensive than buying two lots. Additionally, by building ten units on a one-quarter of an acre lot as opposed to one unit, you could economize on the land cost.

Data shows that multifamily construction is on the rise at the local level, especially in larger metro areas where single-family home construction is slowing. For instance, in Atlanta, GA metro area, the number of permits issued for five or more units has tripled during January and August of 2022 compared to the same period a year ago. In contrast, single-family permits dropped by 15 percentage points. Respectively, permits issued for multifamily units in the Baltimore, MD metro area have also tripled, while single-family permits decreased by 40% during January and August 2022 compared to a year ago.

Hover over the map below to see how many multifamily versus single-family permits were issued during January and August 2022 and the same period in 2021

However, the supply of multifamily units is still not keeping up with demand, so rent prices will continue to rise quickly. For example, the rental vacancy rate in the Baltimore metro area was 3.1% in Q2 2022. The vacancy rate in the Richmond, VA, metro area was below 2%. While the rental vacancy rate is still low in some of these areas, rent prices will keep climbing as many people have already been forced out of the market due to low affordability. Mortgage rates are near 7%, increasing the home borrowing cost significantly. The monthly mortgage payment is about $1,000 higher than a year ago. So, current buyers need to earn $40,000 more to afford to buy the median-priced home compared to a year earlier. As a result, about 15% fewer renters can afford to purchase the median-priced home compared to a year ago. But, this could make people rent for longer, boosting the demand for rental homes.

Finally, although multifamily units are the new trend, single-family homes remain the most common home type for recent buyers at 82%, followed by townhomes or row houses at 7%. In 1981, 76% of homes were single-family, according to the 2021 NAR Home Buyers and Sellers Survey.

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The Dos and Don’ts of Living in a Haunted House

On a routine afternoon, Shane Booth, a photography professor living in Benson, N.C., was folding laundry in his bedroom, when he was startled by a loud, crashing noise. He stepped out to find a shattered front window and his dog sitting outside it. He was confused, how could his dog have jumped through the window with enough force to break it?

After cleaning up the glass, Mr. Booth came back to his room, where all of the clothes he had just folded were scattered and strewn about, he said. “That’s when I thought, this is actually really scary now,” said Mr. Booth, 45.

In an interview, Mr. Booth described several other inexplicable, eerie encounters that have led him to believe that his century-old house is haunted. Pictures that he’d hung on the wall he’d later discover placed perfectly on the floor with no broken frames to indicate a fall. He noticed vases moved to different locations, had momentary sightings of a ghost (an old man), and heard bellowing laughter when no one else was in the house. “There’s so many little things that sporadically happen that you just can’t explain,” he said.

Many Americans believe that their home is inhabited by someone or something that isn’t a living being. An October study from the Utah-based home security company Vivint found that nearly half of the thousand surveyed homeowners believed that their house was haunted. Another survey of 1,000 people by Real Estate Witch, an education platform for home buyers and sellers, found similar results, with 44 percent of respondents saying that they’ve lived in a haunted house.

sold above asking price for $1.525 million. In 2021, a Massachusetts property that was the site of the infamous Borden family murders sold for $1.875 million without any open houses or showings. Dozens of Airbnb listings advertise phantasmal experiences as well, such as a “second-floor haunted oasis” or a “Phantoms Lair.”

“Embracing a home’s haunted history may be a scary good seller strategy in the race to go viral,” said Amanda Pendleton, Zillow’s home trends expert. “Unique homes captured the imagination of Zillow surfers during the pandemic — the more unusual a listing, the more page views it can generate.”

Sharon Hill, the author of the 2017 book “Scientifical Americans: The Culture of Amateur Paranormal Researchers,” added that “many are no longer fearful of ghosts because we’ve been so habituated to them by the media.”

Haunted houses can also be “a way to connect to the past or a sense of enchantment in the everyday world,” Ms. Hill said. “We have a sense of wanting to find out for ourselves and be able to feel like we can reach beyond death. To know that ghosts exist would be very comforting to some people.”

Still, most sellers and agents are wary of taking that strategy. Of the over 760,000 properties on Zillow in the last two weeks, only two listings had descriptions that implied the home could be haunted, according to data provided by Zillow. One property is a six-bedroom hotel in Wisconsin where the description boasts that it was recently the subject of a Minnesota ghost hunter group’s investigation. The other, a rundown three-bedroom in Texas built in 1910, reads, “If your dream has been to host a Haunted Air BNB look no further. Owner has had ghost hunters to the house twice overnight.”

Most states don’t mention paranormal activity in real estate disclosure laws, but New York and New Jersey have explicit requirements surrounding it. In New Jersey, sellers, if asked, must disclose known information about any potential poltergeists. In New York, a court can rescind a sale if the seller has bolstered the reputation of the home being haunted and takes advantage of a buyer’s ignorance of that notoriety.

survey found that nearly 30 percent of Americans were religiously unaffiliated, 10 percentage points higher than a decade ago.

After all, the same comfort or understanding that religion can bring people can also be found in paranormal beliefs.

Karla Olivares, a financial consultant living in San Antonio, Texas, said that growing up in a house she believed was haunted has made her more accepting of the unexplainable happenings that have occurred in other places she’s lived or visited.

“When I feel something now, I acknowledge it. It’s also made me become more spiritual myself,” Ms. Olivares, 27, said. “Now, I feel that it’s all around me, and I won’t get surprised if I feel something again.”

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Ellington Residential Mortgage REIT Announces Release Date of Third Quarter 2022 Earnings, Conference Call, and Investor Presentation

OLD GREENWICH, Conn.–(BUSINESS WIRE)–Ellington Residential Mortgage REIT (NYSE: EARN) (the “Company”) today announced that it will release financial results for the quarter ended September 30, 2022 after market close on Wednesday, November 9, 2022. The Company will host a conference call to discuss its financial results at 11:00 a.m. Eastern Time on Thursday, November 10, 2022. To participate in the event by telephone, please dial (800) 445-7795 at least 10 minutes prior to the start time and reference the conference code EARNQ322. International callers should dial (785) 424-1789 and reference the same code. The conference call will also be webcast live and can be accessed via the “For Our Shareholders” section of the Company’s website at www.earnreit.com. To listen to the live webcast, please visit www.earnreit.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software.

A dial-in replay of the conference call will be available on Thursday, November 10, 2022, at approximately 2 p.m. Eastern Time through Thursday, November 17, 2022 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 925-9539. International callers should dial (402) 220-5389. A replay of the conference call will be archived on the Company’s website at www.earnreit.com.

In connection with the release of financial results, the Company will post an investor presentation to accompany the conference call on its website at www.earnreit.com under “For Our Shareholders—Presentations” after market close on Wednesday, November 9, 2022.

About Ellington Residential Mortgage REIT

Ellington Residential Mortgage REIT is a mortgage real estate investment trust that specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets, with a primary focus on residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored enterprise. Ellington Residential Mortgage REIT is externally managed and advised by Ellington Residential Mortgage Management LLC, an affiliate of Ellington Management Group, L.L.C.

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Cornerstone Building Brands s'associe à la plateforme pulsESG™ pour la mesure de son rendement et l'établissement de rapports ESG

SAN FRANCISCO–(BUSINESS WIRE)–pulsESG, une plateforme pionnière de logiciels en tant que service (SaaS) qui offre aux entreprises un système centralisé de fiches et de références pour les mesures environnementales, sociales et de gouvernance (ESG), a annoncé aujourd’hui que Cornerstone Building Brands l’avait choisie pour devenir sa plateforme ESG de collecte, de gestion et d’analyse de données. Cette technologie permet aux entreprises d’intégrer plus complètement les efforts d’ESF à leurs opérations et de bâtir le cadre permettant d’atteindre et de mesurer leurs objectifs de durabilité.

Cornerstone Building Brands utilisera la plateforme pulsESG pour rapporter les indicateurs ESG dans l’ensemble de ses installations et rationnaliser la collecte, l’intégration et l’analyse des données ESG provenant des systèmes ERP, des ressources humaines, de la chaîne d’approvisionnement et autres systèmes. L’application sera utilisée pour simplifier le reporting des normes de durabilité SASB, GRI et autres.

« Chez Cornerstone Building Brands, nous nous engageons à aider à bâtir des communautés plus fortes, maintenant et pour les générations à venir. Renforcer nos capacités ESG constitue un important progrès qui permet de créer un plus grand nombre de solutions d’aménagement intérieur et extérieur durables. Notre partenariat avec pulsESG nous permettra de mesurer et d’analyser, plus rapidement et plus précisément, nos données ESG », a affirmé Alena Brenner, vice-présidente exécutive, conseillère générale et secrétaire générale chez Cornerstone Building Brands.

« L’équipe de pulsESG est très enthousiaste à l’idée de fournir une plateforme SaaS flexible, intégrée et complète qui soutiendra les efforts de Cornerstone Building Brands visant à saisir, analyse et mesurer les progrès réalisés », a déclaré Murat Sönmez, co-fondateur et PDG de pulsESG.

“Notre technologie offre une plateforme complète de gestion de la performance ESG, notamment les cadres d’information, la conformité réglementaire, les outils de calcul des émissions de GES, l’étalonnage et l’établissement des objectifs avec une piste de vérification complète », a affirmé Inderjeet Singh, cofondateur et chef de la direction technique chez pulsESG. « Nous sommes impatients de nous associer avec Cornerstone Building Brands pour aider la société à accélérer son impact via notre plateforme novatrice », a-t-il poursuivi.

A propos de Cornerstone Building Brands

Cornerstone Building Brands est le plus grand fabricant de produits d’aménagement extérieur en termes de volumes de ventes, pour les petits immeubles résidentiels et non-résidentiels en Amérique du Nord. La société, qui a son siège à Cary, en Caroline du Nord, sert ses clients résidentiels et commerciaux dans les nouveaux marchés de la construction et de la rénovation. Notre portefeuille leader du marché couvre les fenêtres en PVC, le revêtement de vinyle, les pierres manufacturées, la couverture métallique, les systèmes de murs métalliques et les accessoires en métal. La large plateforme de distribution multi canal et vaste empreinte nationale de Cornerstone Building Brands incluent plus de 20.000 employés sur les sites de fabrication, de distribution et de bureau en Amérique du Nord. La gestion d’entreprise et la responsabilité environnementale, sociale et de gouvernance (ESG) sont intégrées à notre culture. Nous nous engageons à contribuer positivement aux communautés dans lesquelles nous vivons, travaillons et jouons. Pour en savoir plus, veuillez consulter www.cornerstonebuildingbrands.com.

A propos de pulsESG™

Fondée en 2021, pulsESG, Inc. est une société d’intérêt public qui s’engage pour permettre aux entreprises axées sur les objectifs, de gérer et d’améliorer leur empreinte ESG, grâce à une plateforme SaaS intégrée et complète, conçue pour assurer un suivi et fournir des renseignements en matière de conformité. Pour en savoir plus, veuillez visiter www.pulsESG.com. LinkedIn : www.linkedin.com/company/pulsESG

Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

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$1.2 Million Homes in California

A Los Angeles Historic-Cultural Monument, this house was built by H. Arden Edwards, an artist, as a family retreat. Many of the spaces are adorned with hand-painted murals and scenes by Mr. Edwards, who worked on film and theater projects and founded the Antelope Valley Indian Museum in Lancaster, Calif., now part of a state historic park.

The property is in Eagle Rock, a neighborhood with a number of well-maintained Craftsman bungalows, about 20 minutes from Glendale, downtown Los Angeles and Pasadena, making it an appealing spot for commuters. It is a few blocks from a Trader Joe’s and the Eagle Rock Dog Park. Occidental College is 10 minutes away.

Size: 1,502 square feet

Price per square foot: $765

Indoors: The house sits near the top of a hill, with stone steps leading up from the street, past a patio, to a covered porch big enough to hold a bench from which to observe the garden and the neighborhood below.

The front door opens into a living room with a stone fireplace, a window seat and dark paneled walls adorned with whimsical floral scenes painted by Mr. Edwards. Beyond is a bright dining room with more of Mr. Edwards’s murals, depicting fruits and vegetables, and access to a stone patio.

dppre.com


redoakrealty.com


sothebysrealty.com

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The Vacant Apartment Upstairs Leaked Into Mine. Who’s Responsible?

Q: The apartment above our co-op has been vacant for years because the shareholder was living in a nursing facility, and then died. The family was at the apartment recently and used the toilet, which leaked into our unit, damaging our bathroom. Our insurance covered the damages, minus our $500 deductible. We would like to recoup the deductible, but our co-op won’t tell us who owns the apartment now, or if they have insurance. This raises alarming questions about living beneath a vacant apartment. What about bugs, gas leaks and working smoke detectors? Can we compel management to check on the apartment and share information about who now owns the unit?

A: You have a right to know who owns the apartment above yours. Ask the managing agent for the owner’s contact information. If they refuse, remind them that state laws require co-ops to maintain a list of all shareholders and their mailing addresses, and to provide that information to other shareholders. (You may have to sign an affidavit attesting that you will not use the information for telemarketing or any other business purposes.)

“If you’re using that kind of contact information for legitimate purposes, you are entitled to it,” said Ingrid C. Manevitz, a real estate lawyer and a partner in the Manhattan office of the law firm Seyfarth Shaw.

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XL Fleet Corp. Receives Notice Regarding NYSE Continued Listing Standard

WIXOM, Mich.–(BUSINESS WIRE)–XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, today announced that on October 20, 2022, it received a notice from the New York Stock Exchange (“NYSE”), notifying the Company that it is out of compliance with the NYSE’s price criteria for continued listing standards because, as of October 19, 2022, the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period.

The Company will notify the NYSE of its intent to cure its stock price deficiency within the applicable time period required by the NYSE, and to return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider all available alternatives, including, but not limited to, a potential reverse stock split, subject to stockholder approval, no later than at the Company’s next annual meeting of stockholders, if necessary to cure the stock price non-compliance. Under the NYSE’s rules, if the Company determines that it will cure the stock price deficiency by taking an action that will require stockholder approval by no later than its next annual meeting of stockholders and implements the action promptly thereafter, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days.

The NYSE notification does not affect the Company’s business operations, its Securities and Exchange Commission reporting requirements, credit agreements or other contractual obligations. The Company’s common stock will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards. The Company is currently in compliance with other applicable NYSE continued listing standards.

This press release is issued as required under the NYSE rules. The notice from the NYSE was issued pursuant to Section 802.01C of the NYSE’s Listed Company Manual.

About XL Fleet

XL Fleet provides subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. XL Fleet has more than 52,000 subscribers across the United States. For additional information, please visit www.xlfleet.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: the Company’s ability to regain compliance with the continued listing standards of the NYSE within the applicable cure period; the Company’s ability to continue to comply with applicable listing standards of the NYSE; expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the ability of XL Fleet to implement its plans, forecasts and other expectations with respect to Spruce Power’s business and realize the expected benefits of the acquisition; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company’s business and markets; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

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