Mesa Stock Too Low for NASDAQ

Mesa avoided being delisted for its failure to comply with the minimum bid price requirement for continued listing n NASDAQ. In a letter to the airline dated June 18, NASDAQ staff gave 180 days or until December 15 to regain compliance which means its stock must close at $1.00 per share for a minimum of 10 consecutive business days. Should it fail to do that it will be delisted. Mesa said that should it receive notification of delisting, it will request a hearing before a NASDAQ Listing Qualifications Panel to review the Staff Determination. The June 18 notice resulted from the fact that for the last 30 consecutive business days, the bid price of Mesa's common stock has closed below the minimum $1.00 per share requirement.
In January, the company received a similar delisting notice for its failure to file 10K on time. In May it was notified by NASDAQ staff that it did not comply with filing requirements. At that time, it requested a hearing before a NASDAQ Listing Qualifications Panel to review the Staff Determination. Related Story