Welcome to Flightinfo.com

  • Register now and join the discussion
  • Friendliest aviation Ccmmunity on the web
  • Modern site for PC's, Phones, Tablets - no 3rd party apps required
  • Ask questions, help others, promote aviation
  • Share the passion for aviation
  • Invite everyone to Flightinfo.com and let's have fun

NASDAQ delisting to resume Aug 3, 2009 - Bye, Bye Mesa

Welcome to Flightinfo.com

  • Register now and join the discussion
  • Modern secure site, no 3rd party apps required
  • Invite your friends
  • Share the passion of aviation
  • Friendliest aviation community on the web

Broke in CVG

Broke AGAIN in CVG!
Joined
Dec 11, 2001
Posts
385
The company that runs the Nasdaq Stock Market said Tuesday it will reinstate a rule that requires publicly held shares to have a $1 minimum closing bid price and a certain minimum market value on Aug. 3.
The Nasdaq OMX Group Inc. suspended those rules in October, citing unprecedented turmoil in the market, and it moved to extend the suspension in December and March.


The reinstatement was announced Tuesday.
In a filing with the Securities and Exchange Commission, the Nasdaq OMX Group said that based on discussions with commission staff, it does not expect a further extension past July 31.


Under the rules, a stock faces delisting if it fails to achieve a $1 closing bid price for 30 consecutive business days. It has at least six months to resolve the problem by having a closing bid price above $1 for 10 consecutive business days.


Companies whose shares fall below certain minimum market values for 30 consecutive trading days are given three months to resolve the problem.


MESA SUCKS - BYE, BYE
 
Since the rules are being reinstated, I wonder if MAG will go on a delisting warning notice or if stocks already qualified for delisting will be given that benefit.
 
The last time MESA closed above $1.00 was 5 May 08. It hit 30 days consecutive on 4 Jun 08. Add six months to that you get 4 Dec 08 at which time the exemption had kicked in. Indeed, it has not traded above even 30 cents since 22 Dec 08.

Does the clock start anew for another 30 days + 6 months on 3 Aug or is MESA gone then?
 
The last time MESA closed above $1.00 was 5 May 08. It hit 30 days consecutive on 4 Jun 08. Add six months to that you get 4 Dec 08 at which time the exemption had kicked in. Indeed, it has not traded above even 30 cents since 22 Dec 08.

Does the clock start anew for another 30 days + 6 months on 3 Aug or is MESA gone then?

I'm pretty sure MAG went well beneath a buck before 12/04/08 and as I understand the stock must maintain trading at a $1.00/share or better for six consescutive months.
 
can they just do a reverse split to bring it above a dollar... Excuse my ignorance if that is stupid.
 
I'm pretty sure MAG went well beneath a buck before 12/04/08 and as I understand the stock must maintain trading at a $1.00/share or better for six consescutive months.

Originally Posted by Andy Neill
The last time MESA closed above $1.00 was 5 May 08. It hit 30 days consecutive on 4 Jun 08. Add six months to that you get 4 Dec 08 at which time the exemption had kicked in. Indeed, it has not traded above even 30 cents since 22 Dec 08.

Read his post dude. He said that it closed above $1.00 for the last time on May 5, 2008.
 
can they just do a reverse split to bring it above a dollar... Excuse my ignorance if that is stupid.
I don't see anything in the case of MESA that would preclude that option. The cobined stock value is around $17 million with nearly 147 million shares. If they were to do a 1:10 reverse split like XJT did, the market cap would be the same and they would still have over 14 million shares.

Nasdaq rule 5450:
(b) Continued Listing Standards for Primary Equity Securities:
(1) Equity Standard
(A) Stockholders' equity of at least $10 million;
(B) At least 750,000 Publicly Held Shares;
(C) Market Value of Publicly Held Shares of at least $5 million; and
(D) At least two registered and active Market Makers.
 
It would be a shame for it to get delisted. I know a few people who have been making some good money day-trading the piss out of it.
 

Latest resources

Back
Top