So how does this delisting thing work? I've read that if you trade under $1.00 for 30 consecutive days, the process is set in motion. At that point, you have anywhere from 90 to 180 days depending on which criteria you're not meeting. The last time MESA traded for $1.00 or more was 5/06/2008. That means that on 6/06/08 they should have gotten the notice that they were in danger of being delisted if they didn't get their stuff together within 90 or 180 days. 90 days would have been 9/06/08 and 180 days would be 12/06/08 if my math is right.

Can somebody explain why they haven't been delisted yet and if they are going to be delisted in December or what? I'm confused as usual.


EDIT: After googling some more, I discovered that MESA has until 12/15/2008 to regain compliance or they will be delisted. That should be an interesting day.

EDIT AGAIN: It looks like MESA has to close above $1.00 per share for 10 consecutive days for the delisting not to happen. They also plan to request a hearing if they don't meet the requirements in time. The hearings take another few months, during which time I'm not sure if they get to stay listed on the NASDAQ or not.