Mesa Air regains NASDAQ compliance after extended share price rally

Mesa Air Group (NASDAQ:MESA) announced that it has received a notification letter from the Nasdaq informing the company that it has regained compliance with the minimum bid price requirements of the exchange. The development followed a +60% rally in Mesa's (MESA) share price over the last six weeks.

On November 3, NASDAQ notified Mesa that the closing bid price of the company’s common stock had not met the minimum bid price requirement of $1.00 per share for 30 consecutive business days. In response, Mesa was tasked with maintaining a closing bid price of $1.00 per share or more for a minimum of 10 consecutive business days to regain compliance.

On June 4, NASDAQ verified and confirmed that for 10 successive business days, from May 20, 2024, to June 3, 2024, the closing bid price of Mesa's (MESA) common stock was at or above the $1.00 minimum per share threshold.

Mesa Air (MESA) announced in May that it expects to report an adjusted net profit for the first time in ten quarters. The Phoenix-based company also expects to generate breakeven cash flow for the remainder of the fiscal year.