Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On January 2, 2008, Mesa Air Group, Inc. (the "Company") received a Nasdaq Staff Determination letter (the "Notice") indicating that the Company fails to comply with the filing requirements for continued listing set forth in Marketplace Rule 4310(c)(14), and that its securities are, therefore, subject to delisting from The Nasdaq Global Select Market. The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance the Panel will grant the Company's request for continued listing. The Notice arises as a result of the Company's failure to timely file its Form 10-K for the fiscal year ended September 30, 2007. On December 27, 2007, the Company issued a press release announcing that it was delaying the filing of its Form 10-K until on or about January 15, 2008. The delay is the result of the Company's ongoing review of certain estimates and reserves that may affect its financial statements. In addition, the Company's decision to sell its Air Midwest, Inc. operations, or certain Air Midwest assets, as of September 30, 2007, requires additional work to ensure proper reporting as discontinued operations. The Company expects to meet the January 15, 2008 projected filing date, which will precede its hearing before a Nasdaq Listing Qualifications Panel."