# EDGAR Filing Document

**Accession Number:** 0000810332
**File Stem:** 0000000000-25-008322
**Filing Date:** 2025-8
**Character Count:** 21861
**Document Hash:** 5909d99f7c705f74b4855387a8c81b78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008322.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000000000-25-008322

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250807

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC AIRWAYS HOLDINGS INC.
- **CENTRAL INDEX KEY:** 0000810332
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 850302351
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-288622

**BUSINESS ADDRESS:**
- **STREET 1:** 2 BRICKYARD LANE
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032
- **BUSINESS PHONE:** 317-484-6000

**MAIL ADDRESS:**
- **STREET 1:** 2 BRICKYARD LANE
- **CITY:** CARMEL
- **STATE:** IN
- **ZIP:** 46032

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MESA AIR GROUP INC
- **DATE OF NAME CHANGE:** 19950426

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MESA AIRLINES INC
- **DATE OF NAME CHANGE:** 19950426
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001193125-25-157722

## Text-Extract

```

                                                            August 7, 2025

Michael J. Lotz
Chief Financial Officer
Mesa Air Group, Inc.
410 North 44th Street, Suite 700
Phoenix, AZ 85008

       Re: Mesa Air Group, Inc.
           Registration Statement on Form S-4
           Filed July 11, 2025
           File No. 333-288622
Dear Michael J. Lotz:

       We have reviewed your registration statement and have the following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form S-4 filed July 11, 2025
Cover Page

1.     Please revise the Letter to Stockholders of Mesa Air Group, Inc. and
Republic
       Airways Holdings Inc. to prominently disclose, if true, whether the
listing approval
       for the combined company   s securities on NASDAQ is a closing condition
of the
       merger and the valuations assigned to the parties for purposes of this
merger.
2.     If true, please revise to disclose, as noted elsewhere in the
prospectus, that the
       exchange ratio will not be adjusted and therefore, if before the
completion of the
       merger, the market price of Mesa common stock increases from the market
price on
       the date of the merger agreement, then Republic stockholders could
receive merger
       consideration with substantially more value for their shares of Republic
capital stock
       than the parties had negotiated when they established the exchange
ratio.
 August 7, 2025
Page 2
Questions and Answers About the Merger
Q: What will Republic securityholders receive in the Merger?, page 16

3.     Please revise your disclosure here to include the value of the per share
Merger
       Consideration payable to holders of Republic common stock based on the
Exchange
       Ratio of 584.90.
Why are the two companies proposing to merge?, page 17

4.     Expand your discussion of the reasons why the companies are proposing to
merge to
       describe in greater detail. For instance, provide summary discussion of
the
       complementary networks and operations, as well as the effect on your
capital and
       liquidity position. Avoid merely reciting the bulleted disclosures at
pages 99 and 101.
       As appropriate, please also address contractual limitations on the scope
of operations
       of the combined company. In this regard, we note your disclosure at page
55 in the
       risk factor entitled "Mesa may be limited from expanding its flying
within United
       Airlines flight systems..." Provide appropriate cross-references to a
more complete
       discussion of this limitation elsewhere in the prospectus.
What will happen to Mesa if, for any reason, the Merger with Republic does not
close?, page
18

5.     Please revise here or elsewhere in the Q&A, as appropriate, to discuss
the termination
       provisions, including the amount and circumstances under which a
termination fee
       would be payable. Please provide an appropriate cross reference to a
more complete
       discussion.
What is the Escrow Issuance and how will the Escrow Assets be distributed?,
page 18

6.     Please clarify whether, and in what amount, there is currently expected
to be leftover
       shares for distribution to the Pre-Merger Mesa Shareholders. To the
extent that you
       are unable to estimate, please revise your disclosure to explain why.
Make similar
       revisions elsewhere in the prospectus as appropriate. Also, please
address when the
       Pre-Merger Mesa Shareholders will know the amount they are entitled to
receive, and
       how soon after the merger the issuance will occur.
What is the Three Party Agreement?, page 19

7.     Revise to clarify the relationship between the Three Party Agreement and
the Merger
       Agreement, including whether shareholders are expected to approve the
Three Party
       Agreement. If assets are being sold to satisfy the Net Debt Amount in
connection with
       the Post-Merger escrow issuance, please revise to clarify. In this
regard, we also note
       that other Q&As, including the Q&A entitled "What assets are being sold
to satisfy
       the Net Debt Amount..." should also be revised accordingly,
The Companies, page 27

8.     We note your summary discussion of Republic Airways Holdings, Inc. on
page
       28. Please revise your discussion of Mesa Air Group on page 27 to
provide a similar
       summary of metrics regarding Mesa's operations, including flight
information and
       financial results.
 August 7, 2025
Page 3

Mesa's Reasons for the Merger, page 28

9.     Refer to the seventh bullet on page 29 and similar disclosure on page
99. It is unclear
       what this reference means and where it is discussed in Background of the
Merger.
       Please revise, as appropriate.
Failure to complete the Merger may result in either Mesa or Republic paying a
termination
fee, page 46

10.    We note your disclosure that the merger agreement may be terminated
under certain
       specified circumstances. Please revise to describe the circumstances
under which a
       termination fee is payable.
Mesa is highly dependent on its agreement with United Airlines, page 51

11.    Please revise to clarify whether and to what extent United is required
or has otherwise
       committed to continue to meet its purchasing obligations prior to the
merger and
       following completion of the merger. In this regard, we note that this
risk factor
       appears to focus on possible termination of the United CPA. Please
provide an
       expanded discussion of applicable termination provisions.
Risk Factors
Risks Related to Mesa's Business
Mesa is required to comply with certain ongoing financial and other covenants
under certain
credit facilities and leases..., page 53

12.    We note that Mesa is required to comply with certain covenants under the
United
       Revolving Credit Facility and UST Loan. Please disclose whether Mesa is
in
       compliance with such covenants as of the most recently completed fiscal
quarter.
Risks Related to Disruption of Republic's Operations, page 65

13.    We note your disclosure regarding risks related to Republic's reliance
on third party
       vendors and OEMs. Your disclosure is unclear as to whether Mesa faces
similar risks.
       Please advise. Please also consider whether there are other risks that
you describe for
       Republic which are not described for Mesa though they are applicable to
both
       companies.
Background of the Merger, page 93

14.    Please expand your discussion of the nature and substance of
discussions, as well as
       the materials provided, during the first half of 2023. In this regard,
provide sufficient
       detail for investors to understand how these talks progressed and the
reasons for your
       decision to enter into more formal negotiations in July 2023.
15.    We note your disclosure elsewhere in the prospectus, including at page
29 that Mesa,
       together with is advisors, over a lengthy period of time explored
strategic alternatives.
       Please revise the background, as appropriate, to discuss these
alternatives and when
       they were considered.
16.    Based on your disclosures, it appears that more formal negotiations
began in July
       2023. Please expand your disclosure to discuss in greater detail the
substance of
 August 7, 2025
Page 4

      meetings and discussions, including the material terms that were
discussed, how the
      parties' positions differed and how issues were resolved. In that regard,
we note your
      disclosure about the exchange of numerous drafts of the term sheet and
various
      meetings to evaluate the potential transaction and review the material
terms under
      discussion by the parties. Revise to provide further detail.
17.   We note your general disclosures about negotiations relating to the
Merger Agreement
      and Three Party Agreement during 2024 (and in to 2025). For example, we
note your
      following disclosures:

             Beginning in early February 2024, representatives of Simpson
Thacher & Bartlett
           LLP (   Simpson Thacher   ), Republic   s transaction counsel, began
circulating
           initial drafts of the Merger Agreement and the Three Party Agreement
to
           representatives of Mesa, United Airlines and their respective
transaction advisors,
           and over the next several months, the parties and their respective
transaction
           advisors began negotiating the principal terms of, and began
periodically
           exchanging subsequent drafts of, these two transaction agreements.
             On March 6, 2024...Mr. Ornstein also provided the board of
directors with an
           update on Mesa   s discussions with Republic, reiterating the
complexity of the
           negotiations, including elements involving United Airlines and its
potential to
           provide financial support for the proposed transaction.
             On May 7, 2024...Mr. Ornstein also provided the board of directors
with an
           update on the negotiations between the parties and the open issues
that remain
           unresolved.
             On July 18, 2024...The discussion at this meeting centered on open
issues in the
           Three Party Agreement, and through the remainder of the summer and
early fall,
           these discussions continued periodically.

      Please revise to disclose the substance of the meetings and discussions
including the
      specific factors that were considered.
18.   We note that on January 23, 2025, Mesa's management instructed FTI
Capital
      Advisors, LLC to assume an exchange ratio of 636.00 and based that ratio
on a
      number of assumptions. Please expand your disclosure to explain the basis
for the
      assumptions and disclose any valuations that were used in determining the
exchange
      ratio. In addition, please describe any discussions or communications
related to the re-
      confirmation of the FTICA opinion, which appears to have occurred several
months
      after the reduction of the exchange ratio in April 2025.
Mesa's Reasons for the Merger, page 99

19.   We note your itemization of factors that your board considered as
supporting its
      decision to approve the merger agreement. However, it appears that some
of the
      bulleted items do not support the merger. Please revise to differentiate
the factors
      supporting the merger from the uncertainties or risks considered in your
      deliberations.
 August 7, 2025
Page 5
Mesa Management Unaudited Prospective Financial Information, page 102

20.    We note your disclosure that the projections are based on assumptions
made by Mesa
       with respect to industry performance, general business, economic,
regulatory, market
       and financial conditions and other future events. Please revise to
specifically
       disclose any material assumptions underlying the projections.
The Merger
Material U.S. Federal Income Tax Consequences of the Merger, page 118

21.    We note that each of Republic and Mesa intends that the Merger qualifies
as a
       "reorganization" within the meaning of Section 368(a) of the Code and
that assuming
       it qualifies as a "reorganization," a U.S. holder will not recognize
gain or loss upon
       the receipt of Mesa common stock in exchange for surrendering its
Republic common
       stock in the Merger. Please provide a tax opinion under Item 601(b)(8)
of Regulation
       S-K or advise us why you believe the consequences to U.S. holders,
assuming the
       transaction does not receive the "intended" tax treatment, are not
material to the
       transaction.
The Merger
Reverse Stock Split, page 121

22.    We note that you intend to effect a reverse stock split of the shares of
Mesa common
       stock in order to increase the per-share market price and satisfy
requirements for an
       initial listing on Nasdaq, which you identify as a condition to the
Merger. Please
       update your filing to specify the reverse stock split ratio once it is
known, and to
       modify disclosures of share and per share details in the financial
statements and
       throughout the filing as necessary to adhere to the guidance in FASB ASC
260-10-55-
       12 and SAB Topic 4:C.
Agreements Related to the Merger, page 159

23.    We note your disclosure that as of the date of this proxy
statement/prospectus, Mesa is
       in the process of transferring the Archer Rights and Obligations to
United Airlines.
       Please update to disclose the current status of the obligations under
the Archer
       Agreements. In this regard, we note your disclosure that United Airlines
must assume
       the rights and obligations by July 3, 2025.
Note 1 - Description of the Merger, page 334

24.    We note that you have various disclosures indicating shareholders of
Republic
       Airways are expected to own 88% of the common shares upon completing the
merger,
       although also indicating shareholders of Mesa Air Group will own either
6% or up to
       12%.

       On page 16 you associate this uncertainty with a contingent right and on
page 17 you
       indicate the associated shares would be held under an escrow
arrangement, where
       distribution to the pre-merger shareholders of Mesa Air Group would be
made on a
       pro rata basis if any are remaining after potential distributions to
United Airlines "and
       the Surviving Corporation" based on a determination of the Net Debt
Amount. You
       have related disclosures on page 155, although these appear to be
focused on the
 August 7, 2025
Page 6

       potential distribution of assets and are less clear with regard to the
handling of
       company shares that are placed in escrow pursuant to the arrangement.

       However, it appears that you have assumed shares based on a 12% interest
would be
       issued in compiling various pro forma disclosures, including your
assessment of the
       purchase consideration on page 336, the weighted average number of
shares in pro
       forma adjustment O on page 343, and the resulting EPS figures on pages
332 and 333.

       Please revise your disclosures to clarify the range of scenarios for
conveyance of the
       incremental shares (including the potential for return to the company
and use in
       satisfying liabilities as indicated in point (vi) on page 335), also to
clarify if there is
       not also a range of up to 94% ownership for the Republic Airways
shareholder group,
       and to explain your rationale for assuming that the issuance will be
made in compiling
       the pro forma information referenced above, notwithstanding the
uncertainty.

       Given your disclosures indicating the potential incremental 6% would be
based on the
       number of outstanding shares after completing the merger, tell us why
the number of
       shares associated with the Three Party Agreement in your share
tabulation on page
       335 would not be 40,233,481, representing 6% of the subtotal presented
therein.
25.    We understand from your purchase price disclosures on page 336 that you
have
       utilized a private company equity valuation for Republic Airways as of
December 31,
       2024, in determining the purchase price that would be utilized in
accounting for the
       transaction, and have attributed 12% of that value (which yields $72
million) to the
       present interests of the Mesa Air Group shareholders.

       Please provide us with the valuation analysis/report including details
of all material
       assumptions and supporting documentation. Please explain to us how the
value that
       you have associated with the acquisition price reconciles to the present
Mesa Air
       Group market capitalization of about $44 million, in your view, and how
the $492 per
       share calculated value reconciles to the $600 per share value utilized
in measuring
       recently issued RSU's, as reported on page F-97.
26.    Please expand your purchase price consideration disclosures on page 336
to include a
       similar tabulation having the equivalent number of Mesa Air Group shares
       and corresponding share value.
Note 2 - Basis of Pro Forma Presentation, page 337

27.    We note that Republic Airways reports financial results based on a
calendar year
       while Mesa Air Group uses a fiscal year that ends on September 30 and we
see that
       you have adjusted the annual results of Republic Airways to utilize
periods that would
       coincide with the fiscal year of Mesa Air Group.

       Please expand your disclosure in the second paragraph under Accounting
Policy
       Review on page 338 to clarify whether Republic Airways will be adopting
the fiscal
       year of Mesa Air Group in conjunction with the merger or at some other
point in time;
       and tell us your plans with regard to reporting the change and filing a
transition report.
 August 7, 2025
Page 7

Note 3 - Pro Forma Adjustments, page 339

28.    Please expand your disclosure regarding "certain actions taken by Mesa
prior to
       closing of the merger" that could result in proceeds of $10 to $15
million, though
       which is not reflected in your pro forma statements, to describe the
actions
       contemplated and the nature of the uncertainty surrounding the potential
for additional
       funds, to include some indication of the expected timing and manner of
resolution.
29.    Please expand your disclosure regarding pro forma adjustment A to
describe the
       nature of the executive compensation that is being attributed to the
Three Party
       Agreement.
30.    Please expand your disclosure regarding pro forma adjustment C,
concerning various
       strategic investments/partnerships that are not expected to convey, to
clarify the extent
       to which the adjustment covers the warrant and aircraft purchase
agreements with
       Archer Aviation Inc., which are mentioned in point (iv) on page 334, and
to quantify
       and explain the adjustment made to cash and cash equivalents on page 331
as it relates
       to this action.
31.    Please expand your disclosure regarding pro forma adjustment E to
specify the
       amount of the adjustment made to Accumulated earnings (deficit), as it
relates to the
       repayment and settlement of trade debts, long-term debts and remaining
liabilities
       under the terms of the Three Party Agreement, and to include such
further detail as
       may be necessary to reconcile with the other content provided.
32.    Please expand your disclosure regarding pro forma adjustment K to
include a
       description of the factors that you believe would comprise the goodwill
that you have
       calculated, to include a discussion of any expected synergies,
intangible assets that do
       not qualify for recognition, or other factors.
Principal Stockholders of the Surviving Corporation, page 364

33.    Please revise the footnotes to the table on page 365 to identify the
natural person(s)
       with voting and/or dispositive control over the shares in the combined
company that
       will be held by Contrarian Funds and Owl Creek Funds.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.
 August 7, 2025
Page 8

       Please contact Jenifer Gallagher at 202-551-3706 or Karl Hiller at
202-551-3686 if
you have questions regarding comments on the financial statements and related
matters. Please contact Anuja Majmudar at 202-551-3844 or Daniel Morris at
202-551-3314
with any other questions.

                                                         Sincerely,

                                                         Division of
Corporation Finance
                                                         Office of Energy &
Transportation
cc:   Kevin Criddle

```

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