Mesa Air Group recently received notice it is at risk of being de-listed from the US stock exchange due to continued delays in reporting its fiscal fourth-quarter results.
The Phoenix-based parent of Mesa Airlines said on 9 January that the Listing Qualifications Department of the Nasdaq Stock Market issued a 4 January notice saying the company failed to comply with listing rules because it has yet to file a report for the period ending 30 September.
Mesa had originally scheduled its fourth-quarter earnings call for 14 December. On that date, it submitted a notification of late filing with the US Securities and Exchange Commission, which automatically granted the company a 15-day extension.
At the time, the company said it expected to file its results “no later” than the 29 December deadline, and that it would soon announce a new date for its conference call. But that date passed without a fiscal fourth quarter report from Mesa.
“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,” Mesa said on 9 January, adding that the notification of potential de-listing from the Nasdaq has “no immediate effect on the listing or trading of the company’s common stock”.
The company now has until 4 March to complete the required documentation and regain compliance with the stock exhange’s listing rules. Mesa says it plans to file the form “well in advance of the 60-day notice period and is expected this week to regain compliance with the listing rule”.
Mesa did not immediately respond to a request for comment about its financial situation.
The carrier has been navigating a turbulent period during its transition away from flying on behalf of American Airlines in favour of flying its Bombardier CRJ900s on behalf of United Airlines.
Mesa Air Group lost $47.6 million during its fiscal third quarter – the period ending 30 June – as it struggled to fly enough block hours and also felt squeezed by the industry-wide shortage of qualified pilots.
