Impac Mortgage to acquire servicing platform

As part of the purchase of the servicing platform, Impac will issue UBS warrants to purchase up to 2 percent of Impac's current outstanding stock.

Impac had about 76.1 million shares of common stock outstanding as of May 14. Based on Impac's closing price Friday of 81 cents, UBS would receive warrants to acquire about 1.5 million shares of stock worth about $1.2 million.

Earlier in the month, Impac refinanced an outstanding repurchase financing facility, replacing it with a term loan from UBS Real Estate Securities Inc. As part of the refinancing deal, Impac agreed to issue UBS warrants to purchase up to 7 percent of the mortgage company's outstanding common stock.

Shares of Impac rose 4 cents, or 4.9 percent, to 85 cents shortly after the opening bell.