Air Industries Group to be Acquired for $1.1 Billion

TL;DR

AIR being bought by New Mountain Capital for $1.1B cash, deal expected Q4 2024.

AI Summary

Air Industries Group announced on August 22, 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 $43.00 per share in cash, representing an enterprise value of approximately $1.1 billion. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition by New Mountain Capital signifies a major shift for Air Industries Group, potentially leading to new strategic directions and operational changes under private ownership.

Risk Assessment

Risk Level: medium — The deal is subject to closing conditions, and there's always a risk of regulatory hurdles or financing issues that could prevent the acquisition from completing.

Key Numbers

• $1.1B — Enterprise Value (Total value of the acquisition deal)
• $43.00 — Price Per Share (Cash amount shareholders will receive per share)

Key Players & Entities

• Air Industries Group (company) — Company being acquired
• New Mountain Capital (company) — Acquiring entity
• August 22, 2024 (date) — Date of announcement
• $1.1 billion (dollar_amount) — Enterprise value of the acquisition
• $43.00 (dollar_amount) — Price per share in cash
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 AIRI NYSE American Indicate by ch
• $110 million — ed the largest contract in its history: $110 million for GTF Aircraft Engine Components. Rec
• $280 million — expanded the Company's backlog to over $280 million. The $110 million, 7-year contract is f
• $110 m — any's backlog to over $280 million. The $110 million, 7-year contract is for the produ

Filing Documents

• ea0212144-8k_airindus.htm (8-K) — 26KB
• ea021214401ex99-1_airindus.htm (EX-99.1) — 13KB
• ex99-1_001.jpg (GRAPHIC) — 15KB
• ex99-1_002.jpg (GRAPHIC) — 349KB
• 0001213900-24-071719.txt ( ) — 714KB
• airi-20240822.xsd (EX-101.SCH) — 3KB
• airi-20240822_lab.xml (EX-101.LAB) — 33KB
• airi-20240822_pre.xml (EX-101.PRE) — 22KB
• ea0212144-8k_airindus_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On August 22, 2024, Air Industries Group (the "Company") issued a press release announcing that it had secured the largest contract in its history: $110 million for GTF Aircraft Engine Components. Receipt of this contract expanded the Company's backlog to over $280 million. The $110 million, 7-year contract is for the production of thrust struts used in a version of the Geared Turbo Fan aircraft jet engine for which Air Indistries has been the sole supplier since 2015. The new contract which commences in January 2025 and extends through 2031. Replaces and expands upon an existing contract set to expire in December 2024. 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 August 22, 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: August 22, 2024 AIR INDUSTRIES GROUP By: /s/ Scott Glassman Scott Glassman Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR