Mesa Air Group, a prominent commercial aviation holding company, revealed today that it received a notice on January 4, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market. The notice indicated that the company is currently not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its Annual Report on Form 10-K for the period ending September 30, 2023, with the Securities and Exchange Commission.
This development has sparked a decline in Mesa Air Group’s stock, which opened trading at $0.97, a slight drop from the previous day’s closing at $0.98, and is steadily losing value throughout the day.
At the time of this publication, Mesa Air Group Inc stock (MESA) has witnessed a decline.
Mesa Air Group Inc
Current Price: $0.82
Change : -0.16
Change (%): (-16.49%)
Volume: 553.4K
Source: Tomorrow Events Market Data
The company clarified that the filing delay is not a result of an anticipated restatement of its financial statements or any disagreements with its auditors.
As of now, the notice has no immediate impact on the listing or trading of the securities of Mesa Air Group on the Nasdaq Global Select Market. The notice outlines a 60-calendar-day window, starting from the date of the notice (October 16, 2023), for the company to submit a plan to regain compliance with the Listing Rule. Should Nasdaq accept the company’s compliance plan, it may grant Mesa Air Group an additional 180 calendar days, until June 26, 2024, to file the overdue Form 10-K.
Despite the setback, Mesa Air Group is actively working to complete the Form 10-K and aims to submit it well ahead of the 60-day notice period, expected later this week, to regain compliance with the Listing Rule.
This announcement aligns with Nasdaq Listing Rule 5810(b), which mandates the timely disclosure of any deficiency notifications.
Investors and industry stakeholders will be closely monitoring Mesa Air Group’s efforts to address the Nasdaq compliance issue and the subsequent impact on its market standing.
