Mesa Air Group Discloses Notice from Nasdaq

Rhea-AI Summary

Mesa Air Group received a notice from Nasdaq on May 16, 2024, stating non-compliance with Listing Rule 5250(c)(1) due to a failure to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2024. This delay follows a prior delinquency for the period ended December 31, 2023. The company has until August 12, 2024, to file both reports to regain compliance. The delay is not due to any financial restatement or auditor disagreements, and the notice currently has no immediate impact on the listing or trading of Mesa's securities.

Positive

• No financial restatement is forthcoming.
• There are no disagreements with auditors.
• Company has a clear compliance deadline of August 12, 2024.

Negative

• Notice of non-compliance from Nasdaq due to delayed filings.
• Initial delinquency for the period ended December 31, 2023.
• Potential risk if compliance is not met by August 12, 2024.

PHOENIX, May 17, 2024 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) (“Mesa” or the “Company”) today announced that it received a notice (“Notice”) on May 16, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company failed to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Form 10-Q”) with the Securities and Exchange Commission. 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 Notice has no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Capital Market. The Notice states that, because of its prior delinquency in filing its Form 10-Q for the period ended December 31, 2023 (the “Initial Delinquent Filing”), the Company has 180 calendar days from the due date of the Initial Delinquent Filing, or August 12, 2024, to file the Form 10-Q to regain compliance.

The Company continues to work diligently to complete the Form 10-Qs for the periods ended December 31, 2023 and March 31, 2024 and plans to file both Form 10-Qs prior to August 12, 2024 to regain compliance with the Listing Rule.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Mesa Air Group, Inc.

Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 79 cities in 36 states, the District of Columbia, Canada, Cuba, and Mexico. As of March 31, 2024, Mesa operated a fleet of 80 aircraft, with approximately 263 daily departures. The Company had approximately 2,110 employees. Mesa operates all its flights as United Express pursuant to the terms of a capacity purchase agreement entered into with United Airlines, Inc.

Important Cautions Regarding Forward-Looking Statements

This Press Release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”, “will”, “should”, “can have”, “likely” and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. These factors include, without limitation, the Company’s ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company’s ability to regain compliance with Listing Rule, the Company’s ability to become current with its reports with the SEC, and the risk that the completion and filing of the Form 10-Qs will take longer than expected. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company’s filings with the SEC, including the risk factors contained in its most recent Annual Report on Form 10-K and the Company’s other subsequent filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

Contact:
Mesa Air Group, Inc.
Media
media@mesa-air.com

Investor Relations
investor.relations@mesa-air.com

FAQ

Why did Mesa Air Group receive a notice from Nasdaq?

Mesa Air Group received a notice for failing to timely file its Quarterly Report on Form 10-Q for the period ended March 31, 2024.

What is the deadline for Mesa Air Group to regain compliance with Nasdaq?

Mesa Air Group has until August 12, 2024, to file the delayed Form 10-Q reports.

Does the notice from Nasdaq affect the trading of Mesa Air Group's securities?

The notice currently has no immediate effect on the listing or trading of Mesa Air Group's securities on the Nasdaq Capital Market.

Is the filing delay due to a financial restatement for Mesa Air Group?

No, the filing delay is not due to a forthcoming restatement of the company's financial statements.

What happens if Mesa Air Group does not meet the compliance deadline?

If Mesa Air Group does not meet the compliance deadline of August 12, 2024, it could face further actions from Nasdaq, which might impact its listing.