Mesa Air Group Faces Delisting, Seeks OTCQB Listing

TL;DR

Mesa Air Group's stock is getting kicked off Nasdaq and moving to the OTCQB.

AI Summary

Mesa Air Group, Inc. filed an 8-K on May 6, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The company's common stock was previously suspended from trading on the Nasdaq Capital Market, and it was expected to be delisted. Mesa Air Group is seeking to transfer its listing to the OTCQB Market.

Why It Matters

This filing indicates a significant downgrade in the trading venue for Mesa Air Group's stock, potentially impacting liquidity and investor confidence.

Risk Assessment

Risk Level: high — The company is facing delisting from a major exchange, indicating severe financial or operational distress.

Key Players & Entities

• Mesa Air Group, Inc. (company) — Registrant
• Nasdaq Capital Market (company) — Exchange from which delisting is occurring
• OTCQB Market (company) — Exchange to which the company seeks to transfer listing
• May 6, 2024 (date) — Filing date of the 8-K
• May 2, 2024 (date) — Date of the earliest event reported

FAQ

Key Financial Figures

• $1.00 b — Period"), to regain compliance with the $1.00 bid price requirement, as set forth in Na
• $1.00 — vidence a closing bid price of at least $1.00 per share for a minimum of 10 consecuti

Filing Documents

• mesa-20240502.htm (8-K) — 49KB
• 0000950170-24-053595.txt ( ) — 166KB
• mesa-20240502.xsd (EX-101.SCH) — 27KB
• mesa-20240502_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 May 2, 2024, Mesa Air Group, Inc. (the "Company") was notified by the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") that the Staff granted the Company's request to transfer the listing of its common stock, no par value per share (the "Common Stock"), from The Nasdaq Global Select Market tier to The Nasdaq Capital Market tier, and that the Staff granted the Company's request for a second 180-calendar day period, or until October 28, 2024 (the "Second Compliance Period"), to regain compliance with the $1.00 bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2). To regain compliance with such minimum price requirement, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. The transfer of the listing of the Company's shares of Common Stock from The Nasdaq Global Select Market to The Nasdaq Capital Market took effect with the open of business on May 6, 2024. The transfer is not expected to impact trading in the Common Stock, which will continue to trade on Nasdaq under the symbol "MESA." As previously announced, on November 3, 2023, the Company received a notice from the Staff that the Company no longer satisfied Nasdaq Listing Rule 5450(a)(1) because the bid price for the Company's shares of Common Stock had closed below $1.00 per share for 30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was afforded an initial 180-calendar day grace period, through May 1, 2024, to regain compliance with the minimum bid price requirement. Issuers listed on The Nasdaq Global Select Market are not eligible for a second 180-day grace period under the Nasdaq Listing Rules. However, based upon the Company's compliance with the various criteria required under Nasdaq Listing Rule 5810(c)(3)(A)(ii) to obtain a secon

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: May 6, 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