There was good news and not-so-good, but not unexpected news today for Mesa Air Group.

The good news is that  a Federal Court in Atlanta has granted Mesa a preliminary injunction that prevents, for the time being, Delta Air Lines from terminating its contract with Mesa’s subsidiary Freedom Airlines.

This news sent the penny stock traders into a frenzy, as shares of the airline ended the day up 39% to 70 cents.

As for the not-so-good, but not unexpected news, the airline also acknowledged today that Nasdaq has sent the company an “Intent to Delist” letter.

However, this letter was not apparently a result of the airline’s shares having traded below $1 for a given period of time. No, this delisting warning came because the airline still has not filed its quarterly earnings report for the quarter ending Mar. 31.

On May 13, the airline said it was delaying the report, and would file on May 20. But May 20 came and went and no filing. The airline now says it expects to file its quarterly report on or about June 2, which would be next week.

Ticker: (Nasdaq:MESA)