Mesa Air Group Discloses Notice from Nasdaq
February 23 2024 - 4:05PM
Mesa Air Group, Inc. (NASDAQ: MESA) (“Mesa” or the “Company”) today
announced that it received a notice (“Notice”) on February 21, 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 December 31, 2023 (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 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
plan or Form 10-Q well in advance of the 60-day Notice period and
is expected 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 86 cities in 36 states, the District of Columbia,
Canada, Cuba, and Mexico as well as cargo services out of
Cincinnati/Northern Kentucky International Airport. As of September
30, 2023, Mesa operated a fleet of 80 aircraft, with approximately
296 daily departures, and four 737 cargo aircraft. The Company had
approximately 2,303 employees. Mesa operates all its flights as
either United Express or DHL Express flights pursuant to the terms
of a capacity purchase agreement entered into with United Airlines,
Inc. and a flight service agreement with DHL.
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.Mediamedia@mesa-air.comInvestor
Relationsinvestor.relations@mesa-air.com
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