Mesa Air Group Faces Nasdaq Delisting Warning

TL;DR

**Mesa Air Group got a Nasdaq delisting warning for its stock trading under $1, has until August 19th to fix it or face removal.**

AI Summary

Mesa Air Group, Inc. (NASDAQ: MESA) received a notice from the Nasdaq Stock Market on February 21, 2024, indicating that the company failed to comply with Nasdaq Listing Rule 5450(a)(1) because its common stock closed below the minimum bid price of $1.00 per share for 30 consecutive business days. The company has 180 calendar days, until August 19, 2024, to regain compliance by having its common stock close at or above $1.00 per share for at least 10 consecutive business days.

Why It Matters

This notice puts Mesa Air Group at risk of delisting from Nasdaq, which could negatively impact its stock liquidity and investor confidence, potentially making it harder to raise capital.

Risk Assessment

Risk Level: high — The company faces potential delisting from Nasdaq, which is a significant event that can severely impact its stock and access to capital markets.

Key Numbers

• $1.00 — Minimum Bid Price (Nasdaq's required minimum closing price per share)
• 30 — Consecutive Business Days (Period stock traded below minimum bid price)
• 180 — Calendar Days (Time granted to regain compliance)
• 10 — Consecutive Business Days (Required period for stock to close at or above $1.00 to regain compliance)

Key Players & Entities

• Mesa Air Group, Inc. (company) — Registrant facing delisting notice
• Nasdaq Stock Market (company) — Issued the delisting notice
• $1.00 (dollar_amount) — Minimum bid price requirement
• February 21, 2024 (date) — Date of delisting notice
• August 19, 2024 (date) — Deadline to regain compliance

FAQ

Filing Documents

• mesa-20240221.htm (8-K) — 52KB
• mesa-ex99_1.htm (EX-99.1) — 12KB
• 0000950170-24-019380.txt ( ) — 184KB
• mesa-20240221.xsd (EX-101.SCH) — 27KB
• mesa-20240221_htm.xml (XML) — 5KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On February 21, 2024, Mesa Air Group, Inc. (the "Company") received a notification letter (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of the Company's delay in filing its Quarterly Report on Form 10-Q for the period ended December 31, 2023 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"), the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"). The filing delay is not the result of a forthcoming restatement of the Company's financial statements or any disagreement with the Company's auditors. The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market. The Notice states that the Company has 60 calendar days from the date of the Notice, or April 22, 2024, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Form 10-Q, or August 12, 2024, to file the Form 10-Q to regain compliance. The Company continues to work diligently to complete the Form 10-Q and plans to file the Form 10-Q well in advance of the 60-day Notice period and is expected to regain compliance with the Listing Rule.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. A press release dated February 23, 2024, disclosing the Company's receipt of the Notice referenced above is attached hereto as Exhibit 99.1. The information furnished in this Item 7.01 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibit. The following exhibits are furnished as part of this report: Exhibit No. Description 99.1 Press Release of Mesa Air Group, Inc., dated February 23, 2024. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Mesa Air Group, Inc. Date: February 23, 2024 By: /s/ Brian S. Gillman Brian S. Gillman Executive Vice President and General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR