SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of
1934
Date of Report (Date of earliest event reported)
December 8, 2000 (December 6, 2000)
VANGUARD AIRLINES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-27034
(Commission File Number)
48-1149290
(I.R.S. Employer Identification No.)
533 Mexico City Avenue
Kansas City International Airport
Kansas City, MO 64153
(Address of principal executive offices including zip code)
Registrant's telephone number,
including area code (816) 243-2100
<PAGE>
Item 5. Other Events.
Vanguard Airlines, Inc. (the "Company") issued a press release on
December 6, 2000, a copy of which is attached hereto as Exhibit
99 and is incorporated herein by reference, announcing it
received notice that Nasdaq has scheduled a hearing on December
19, 2000, to review its continued listing on the Nasdaq SmallCap
Market.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following Exhibits are filed with this
report:
EXHIBIT NO. DESCRIPTION
99 Press Release, issued December 6, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
VANGUARD AIRLINES, INC.
/s/ Jeff S. Potter
------------------------
By: Jeff S. Potter
President and Chief Executive Officer
Date: December 8, 2000
<PAGE>
For Immediate Release
December 6, 2000
Contact: Alan Carr
816-243-2136
[email protected]
Vanguard Airlines Updates Status of Nasdaq Listing
Kansas City, MO - Vanguard Airlines, Inc. (NasdaqSC: VNGD) today
announced it received notice that Nasdaq has scheduled a hearing
on December 19, 2000, to review its continued listing on the
Nasdaq SmallCap Market. The Company currently fails to comply
with the net tangible assets/market capitalization/net income
requirement, as set forth in Nasdaq Marketplace Rule
4310(c)(02)(B).
Vanguard indicated that it will seek an extension from Nasdaq to
meet the minimum requirements for continued listing on the Nasdaq
SmallCap Market. The Company intends to pursue various
alternatives to satisfy these requirements. Should these
requirements not be satisfied before the soon-to-be scheduled
hearing, or should Nasdaq fail to grant a further extension of
time to allow the Company to become compliant, the Common Stock
of Vanguard Airlines would no longer be eligible for listing on
the Nasdaq SmallCap Market and would then be eligible to be
quoted on the OTC Bulletin Board.
Kansas City-based Vanguard Airlines, which began service in
December 1994, is a value-priced, 100 percent ticketless
passenger airline. The airline provides convenient, scheduled jet
service to thirteen cities: Atlanta, Austin (beginning Jan. 7,
2001), Buffalo/Niagara Falls, Chicago-Midway, Dallas/Ft. Worth,
Denver, Kansas City, Los Angeles, Minneapolis/St. Paul, Myrtle
Beach, New York-LaGuardia, New Orleans and Pittsburgh. The
Company employs approximately 950 full-time equivalent employees
and currently operates a fleet of 13 Boeing 737s. For more
information on Vanguard, visit the Company's Web site at
www.flyvanguard.com.
This press release contains forward-looking statements that
involve risks and uncertainties. Such forward-looking statements
are made based on management's belief, as well as assumptions
made by, and information currently available to, management
pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Further information on
such risks and uncertainties that could affect the Company's
financial results are included in the Company's filings with the
Securities and Exchange Commission, including the Form 10-K for
the year ended December 31, 1999, and in subsequent filings filed
with the Securities and Exchange Commission.
