Mesa Air Group Discloses Notice from Nasdaq
Mesa Air Group (NASDAQ:MESA) has received a notice from Nasdaq on August 16, 2024, stating that the company is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the late filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2024. The notice does not immediately affect Mesa's listing or trading on the Nasdaq Capital Market.
Mesa has 60 calendar days to submit a compliance plan to Nasdaq. If accepted, Nasdaq may grant up to 180 calendar days (until February 10, 2025) for Mesa to file the Form 10-Q. The company is working to complete and file the Form 10-Q well before the 60-day notice period to regain compliance. The filing delay is not due to any financial restatement or auditor disagreement.
Mesa Air Group (NASDAQ:MESA) ha ricevuto una comunicazione da Nasdaq il 16 agosto 2024, informando che la società non è in conformità con la Regola di Quotazione 5250(c)(1) di Nasdaq a causa del ritardo nella presentazione del suo Rapporto Trimestrale sul Modulo 10-Q per il periodo conclusosi il 30 giugno 2024. La comunicazione non influisce immediatamente sulla quotazione o sul trading di Mesa nel Nasdaq Capital Market.
Mesa ha 60 giorni di calendario per presentare un piano di conformità a Nasdaq. Se accettato, Nasdaq potrebbe concedere fino a 180 giorni di calendario (fino al 10 febbraio 2025) a Mesa per presentare il Modulo 10-Q. La società sta lavorando per completare e presentare il Modulo 10-Q con largo anticipo rispetto ai 60 giorni di avviso per ripristinare la conformità. Il ritardo nella presentazione non è dovuto a alcuna rettifica finanziaria o disaccordo con gli auditor.
Mesa Air Group (NASDAQ:MESA) ha recibido un aviso de Nasdaq el 16 de agosto de 2024, indicando que la empresa no cumple con la Regla de Cotización 5250(c)(1) de Nasdaq debido a la tardanza en la presentación de su Informe Trimestral en el Formulario 10-Q para el periodo que finalizó el 30 de junio de 2024. El aviso no afecta inmediatamente la cotización o el comercio de Mesa en el Nasdaq Capital Market.
Mesa tiene 60 días calendario para presentar un plan de cumplimiento a Nasdaq. Si es aceptado, Nasdaq puede conceder hasta 180 días calendario (hasta el 10 de febrero de 2025) a Mesa para presentar el Formulario 10-Q. La empresa está trabajando para completar y presentar el Formulario 10-Q bien antes del período de aviso de 60 días para recuperar la conformidad. El retraso en la presentación no se debe a ninguna rectificación financiera ni a desacuerdos con el auditor.
Mesa Air Group (NASDAQ:MESA)는 2024년 8월 16일 Nasdaq으로부터 통지를 받았으며, 이는 회사가 2024년 6월 30일 종료된 분기의 10-Q 양식 분기보고서를 늦게 제출하여 Nasdaq 상장 규정 5250(c)(1)에 불이행 중이라는 내용입니다. 이 통지는 즉각적으로 Mesa의 상장이나 Nasdaq Capital Market에서의 거래에 영향을 미치지 않습니다.
Mesa는 Nasdaq에 준수 계획을 제출하기 위해 60일의 기간이 있습니다. 만약 수용된다면, Nasdaq은 Mesa가 10-Q 양식을 제출할 수 있도록 최대 180일 (2025년 2월 10일까지) 을 부여할 수 있습니다. 회사는 60일의 통보 기간 이전에 10-Q 양식을 완료하고 제출하기 위해 노력하고 있습니다. 제출 지연은 재무 재작성이나 감사인 불일치로 인한 것이 아닙니다.
Mesa Air Group (NASDAQ:MESA) a reçu un avis de la part de Nasdaq le 16 août 2024, indiquant que la société ne respecte pas la Règle de Cotation 5250(c)(1) de Nasdaq en raison du dépôt tardif de son Rapport Trimestriel sur le Formulaire 10-Q pour la période se terminant le 30 juin 2024. L'avis n'affecte pas immédiatement la cotation ou les échanges de Mesa sur le Nasdaq Capital Market.
Mesa a 60 jours calendaires pour soumettre un plan de conformité à Nasdaq. Si accepté, Nasdaq pourrait accorder jusqu'à 180 jours calendaires (jusqu'au 10 février 2025) pour que Mesa dépose le Formulaire 10-Q. La société s'efforce de compléler et de soumettre le Formulaire 10-Q bien avant la période de préavis de 60 jours pour retrouver la conformité. Le retard dans le dépôt n'est pas dû à un quelconque redressement financier ou désaccord avec l'auditeur.
Mesa Air Group (NASDAQ:MESA) erhielt am 16. August 2024 eine Mitteilung von Nasdaq, in der festgestellt wurde, dass das Unternehmen nicht mit der Nasdaq-Listing-Regel 5250(c)(1) konform ist, da der Quartalsbericht auf Formular 10-Q für den Zeitraum zum 30. Juni 2024 verspätet eingereicht wurde. Die Mitteilung hat keinen sofortigen Einfluss auf die Notierung oder den Handel von Mesa im Nasdaq Capital Market.
Mesa hat 60 Kalendertage Zeit, um einen Compliance-Plan bei Nasdaq einzureichen. Wenn dieser angenommen wird, kann Nasdaq bis zu 180 Kalendertage (bis zum 10. Februar 2025) gewähren, um das Formular 10-Q einzureichen. Das Unternehmen arbeitet daran, das Formular 10-Q weit vor der 60-tägigen Mitteilungsfrist einzureichen, um die Konformität wiederherzustellen. Die Verzögerung bei der Einreichung ist nicht auf eine finanzielle Berichtigung oder Uneinigkeiten mit dem Prüfer zurückzuführen.
- No immediate effect on Mesa's listing or trading on Nasdaq Capital Market
- Company expects to file Form 10-Q well before the 60-day notice period
- Filing delay not due to financial restatement or auditor disagreement
- Mesa Air Group received non-compliance notice from Nasdaq
- Failure to timely file Quarterly Report on Form 10-Q for period ended June 30, 2024
- Risk of potential delisting if compliance is not regained within given timeframe
Insights
The Nasdaq notice to Mesa Air Group is a significant development that raises concerns about the company's financial reporting practices. Delayed filings often signal underlying issues, potentially impacting investor confidence. While Mesa assures it's not due to restatements or auditor disagreements, the reason for the delay remains unclear, which is worrying. The 60-day deadline to submit a compliance plan is crucial; failure could lead to delisting, severely affecting stock liquidity and value. Investors should closely monitor Mesa's progress in filing the Form 10-Q and any explanations provided. This situation may create short-term volatility in MESA stock and warrants caution until the filing is complete and any underlying issues are clarified.
Mesa Air Group's Nasdaq notice highlights regulatory compliance challenges that could have serious legal implications. The company's failure to file its 10-Q on time violates SEC regulations and Nasdaq listing rules, potentially exposing it to regulatory scrutiny and legal risks. While the 60-day grace period provides an opportunity to rectify the situation, persistent non-compliance could result in delisting proceedings. This could trigger investor lawsuits, especially if material information was withheld. Mesa's statement that no restatement is forthcoming is somewhat reassuring, but the lack of a clear explanation for the delay is concerning. Shareholders should be vigilant for any subsequent disclosures that might reveal underlying issues or impact the company's legal standing.
The Nasdaq notice to Mesa Air Group could have ripple effects across the regional airline industry. As a key player in the sector, Mesa's financial reporting issues may raise questions about the overall health of regional carriers. Investors might scrutinize other airlines more closely, potentially affecting sector-wide valuations. The timing is particularly sensitive given the post-pandemic recovery phase for airlines. If Mesa's delay is related to industry-specific challenges, it could signal broader concerns. However, the company's assurance of filing "well in advance" of the deadline suggests confidence in resolving the issue. Market reaction will likely depend on the speed and transparency of Mesa's response. This situation underscores the importance of timely financial reporting in maintaining market trust and stability in the volatile airline sector.
PHOENIX, AZ / ACCESSWIRE / August 20, 2024 / Mesa Air Group, Inc. (NASDAQ:MESA) ("Mesa" or the "Company") today announced that it received a notice ("Notice") on August 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 June 30, 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 the Company has 60 calendar days from the date of the Notice 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 until February 10, 2025, 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 expects 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-Q 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
SOURCE: Mesa Air Group, Inc.
View the original press release on accesswire.com
FAQ
Why did Mesa Air Group (MESA) receive a notice from Nasdaq on August 16, 2024?
What is the deadline for Mesa Air Group (MESA) to submit a compliance plan to Nasdaq?
When is the latest date Mesa Air Group (MESA) can file its Form 10-Q to regain compliance?
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