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

[Broke in CVG]

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

 

[brokedash]

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.

 

[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.

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

 

[brokedash]

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.

 

[banditdriver]

can they just do a reverse split to bring it above a dollar... Excuse my ignorance if that is stupid.

 

[ASA_Aviator]

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.

 

[Booker]

can they just do a reverse split to bring it above a dollar... Excuse my ignorance if that is stupid.

Isn't that exactly what XJT did?

 

[Andy Neill]

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.

 

[lowlycfi]

Yawn. Who cares.

 

[GINCHBLASTER]

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.

 

[WayBack]

Ever since I signed up for FI.com you losers have been predicting Mesa's end. All that has happened is other carriers are still losing their flying to Mesa.
Mesa is like herpes.

 

[SpauldingSmails]

I'll believe it when I see it. Mesa has proven to be one turd that just won't flush.

 

[pdub20s]

Ever since I signed up for FI.com you losers have been predicting Mesa's end. All that has happened is other carriers are still losing their flying to Mesa.
Mesa is like herpes.

You tell me the last time mesa got MORE flying...

 

[WayBack]

You tell me the last time mesa got MORE flying...

That nice little Delta paint job.

 

[Raoul Duke]

This is a non issue. NASDAQ has said that the clock starts again for all companies (i.e. Mesa gets 6 months) and they can do a reverse split and put the issue to bed.

 

[dash8driver64]

Die motherfukr die!!!!!!!!!!!!!!!!!!!!!!!

 

[WayBack]

Die motherfukr die!!!!!!!!!!!!!!!!!!!!!!!

Those scum bag pilots would fly for free, if JO asked them too.
Guys like PDubs are just happy to have a job flying a nice shiny jet!

 

[CX880]

This is a non issue. NASDAQ has said that the clock starts again for all companies (i.e. Mesa gets 6 months) and they can do a reverse split and put the issue to bed.

Yea then why didn't they do this before like Xjet did the moment they stayed under a dollar for more than a couple of months??? When Mesa reverse splits, assuming they are still around, the stock and the company will be completely worthless. goodbye day traders and major investors.. Honestly delistment should be the last of Mesas problems.

 

[Andy Neill]

Yea then why didn't they do this before like Xjet did the moment they stayed under a dollar for more than a couple of months

XJT closed under a dollar 23 Jun 08. The 1:10 reverse split was 2 Oct 08 - more than 4 months later.

 

[Broke in CVG]

This is a non issue. NASDAQ has said that the clock starts again for all companies (i.e. Mesa gets 6 months) and they can do a reverse split and put the issue to bed.

From the NASDAQ: "For more clarity, companies that have already
received an initial delisting notice and are in their 180 day grace
period, the 180 day period will be frozen but not reset."

This applies to Mesa as their initial delisting notice was June 18, 2008. They were in the middle of their 180 days when NASDAQ suspended delisting. Their 180 day was frozen in Nov when NASDAQ suspended the rule and the clock will start ticking again on Aug 3, 2009 with whatever days they had remaining of the 180.