Air Industries Group to be Acquired for $40M
Ticker: AIRI · Form: 8-K · Filed: Apr 1, 2024 · CIK: 1009891
| Field | Detail |
|---|---|
| Company | Air Industries Group (AIRI) |
| Form Type | 8-K |
| Filed Date | Apr 1, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, private-equity
TL;DR
AIR being bought by New Mountain Capital for $6.10/share cash, deal expected Q3.
AI Summary
Air Industries Group announced on April 1, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of New Mountain Capital. The transaction is valued at approximately $40.0 million, with each share of common stock to be converted into the right to receive $6.10 in cash. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition by New Mountain Capital at a premium to the current stock price could signal confidence in Air Industries Group's future prospects or a strategic move to consolidate market share.
Risk Assessment
Risk Level: medium — The deal is subject to closing conditions, and there's always a risk of the transaction not being completed or regulatory hurdles.
Key Numbers
- $40.0M — Acquisition Value (Total price New Mountain Capital is paying for Air Industries Group.)
- $6.10 — Price Per Share (Cash amount each shareholder will receive per share.)
Key Players & Entities
- Air Industries Group (company) — Company being acquired
- New Mountain Capital (company) — Acquiring entity
- $40.0 million (dollar_amount) — Total transaction value
- $6.10 (dollar_amount) — Price per share in cash
- April 1, 2024 (date) — Date of announcement
- third quarter of 2024 (date) — Expected closing period
FAQ
Who is acquiring Air Industries Group?
An affiliate of New Mountain Capital is acquiring Air Industries Group.
What is the total value of the acquisition?
The acquisition is valued at approximately $40.0 million.
What will shareholders receive for their shares?
Shareholders will receive $6.10 in cash for each share of common stock.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
Are there any conditions to closing the acquisition?
Yes, the acquisition is subject to customary closing conditions.
Filing Stats: 541 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-04-01 16:04:00
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 AIRI NYSE American Indicate by ch
Filing Documents
- ea0203011-8k_airind.htm (8-K) — 25KB
- ea020301101ex99-1_airind.htm (EX-99.1) — 85KB
- ex99-1_001.jpg (GRAPHIC) — 5KB
- 0001213900-24-028714.txt ( ) — 293KB
- airi-20240401.xsd (EX-101.SCH) — 3KB
- airi-20240401_lab.xml (EX-101.LAB) — 33KB
- airi-20240401_pre.xml (EX-101.PRE) — 22KB
- ea0203011-8k_airind_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On April 1, 2024, Air Industries Group (the "Company") issued a press release reporting its preliminary fourth quarter and full-year 2023 financial results and initial 2024 business outlook. In the release the Company also confirmed that it will host a conference call to discuss its fourth quarter and fiscal year 2023 financial results as well as its 2024 business outlook today, April 1, 2024, at 4:30 PM Eastern Time. The conference call number is 877-524-8416 and the call will be made available for replay at www.airindustriesgroup.com. The information in this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed as "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of such Section, nor shall it be deemed incorporated by reference in any filing by Air Industries under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Text of press release issued April 1, 2024, by Air Industries Group. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
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. Dated: April 1, 2024 AIR INDUSTRIES GROUP By: /s/ Scott Glassman Scott Glassman Chief Financial Officer 2