Mesa Air Group confirmed today that it has received a notice from Nasdaq stating that the company's finances don't meet the minimum standards to comply with Nasdaq rules and that its securities are subject to being delisted from the exchange.
Under Nasdaq rules, Mesa has 60 days from the date of the letter, Jan. 5, to submit a plan to regain compliance.
Mesa's shares are currently trading at about 29 cents, which gives it a market capitalization -- the value the stock market currently attributes to the company -- of about $7.5 million.
Mesa said that the Nasdaq notice is "a result of Mesa's failure to timely file its Form 10-K for the fiscal year ended September 30, 2008." Mesa said it "intends to file its Form 10-K later today and announce its earnings tomorrow, and therefore remedy the deficiency."
Mesa has 159 aircraft with over 800 daily departures to 124 cities, 38 states, the District of Columbia, Canada, the Bahamas and Mexico. Mesa operates as Delta Connection, US Airways Express and United Express under contract with Delta Air Lines, US Airways and United Airlines, respectively, and independently as Mesa Airlines and go!.
In June 2006 Mesa launched inter-island Hawaiian service as go!. Go! links Honolulu to airports in Hilo, Kahului, Kona and Lihue.
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