Impac Board OKs Stock Repurchase

Impac Mortgage Holdings Inc. said its board has authorized the company to repurchase an additional $1 million worth of shares.

Impac, a Newport Beach real estate investment trust, said it has repurchased 853,350 shares, about 3% of the common stock, since Nov. 2 at an average price of $2.29 a share.

The stock closed unchanged at $1.95 a share Wednesday on the American Stock Exchange. The shares have lost more than half of their value this year.