Air T Inc. Faces Nasdaq Delisting Concerns
Ticker: AIRTP · Form: 8-K · Filed: Apr 5, 2024 · CIK: 353184
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
Related Tickers: AIRT
TL;DR
AIRT might get kicked off Nasdaq - big trouble ahead.
AI Summary
Air T Inc. (AIRT) filed an 8-K on April 4, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The company is facing potential delisting from the Nasdaq Capital Market due to not meeting certain continued listing requirements.
Why It Matters
This filing indicates potential financial distress or operational challenges for Air T Inc., which could significantly impact its stock value and investor confidence.
Risk Assessment
Risk Level: high — The company is facing potential delisting from a major stock exchange, signaling significant financial or operational issues.
Key Players & Entities
- Air T Inc. (company) — Filer of the 8-K
- Nasdaq Capital Market (company) — Stock exchange where AIRT is listed and faces delisting
- April 04, 2024 (date) — Date of the earliest event reported
FAQ
What specific listing rule or standard has Air T Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Air T Inc. has failed to satisfy, only that it is a notice of delisting or failure to satisfy a continued listing rule or standard.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is April 04, 2024.
Which stock exchange is Air T Inc. potentially being delisted from?
Air T Inc. is potentially facing delisting from the Nasdaq Capital Market.
What is the SEC file number for this 8-K filing?
The SEC file number for this 8-K filing is 001-35476.
What is the SIC code for Air T Inc.?
The Standard Industrial Classification (SIC) code for Air T Inc. is 4513, which corresponds to Air Courier Services.
Filing Stats: 656 words · 3 min read · ~2 pages · Grade level 12.5 · Accepted 2024-04-05 14:20:27
Key Financial Figures
- $0.25 — listing of its Common Stock, par value $0.25 per share (the " Common Stock ") from t
- $10,000,000 — intain stockholders' equity of at least $10,000,000. Upon the transfer of listing of the Co
- $25 — e Trust Preferred Securities, par value $25.00, will continue to trade on the Nasda
Filing Documents
- airt-20240405.htm (8-K) — 29KB
- 0000353184-24-000051.txt ( ) — 197KB
- airt-20240405.xsd (EX-101.SCH) — 3KB
- airt-20240405_def.xml (EX-101.DEF) — 16KB
- airt-20240405_lab.xml (EX-101.LAB) — 28KB
- airt-20240405_pre.xml (EX-101.PRE) — 17KB
- airt-20240405_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 4, 2024, Air T, Inc.., a Delaware corporation (the " Company ") received approval (the " Approval ") from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (the " Nasdaq ") that the Company's application to transfer the listing of its Common Stock, par value $0.25 per share (the " Common Stock ") from the Nasdaq Global Market to the Nasdaq Capital Market has been approved. The Common Stock will be transferred to the Nasdaq Capital Market at the opening of business on April 8, 2024. The Company's Common Stock will continue to trade under the symbol "AIRT". The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, and listed companies must meet certain financial requirements and comply with Nasdaq's corporate governance requirements. As previously disclosed, the Company received a letter from Nasdaq on February 15, 2024 notifying the Company that it was not in compliance with the minimum stockholders' equity requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq Listing Rule 5450(b)(1)(A) requires listed companies to maintain stockholders' equity of at least $10,000,000. Upon the transfer of listing of the Company's securities on the Nasdaq Capital Market on April 8, 2024, such deficiency would be resolved. Air T Funding's Alpha Income Trust Preferred Securities, par value $25.00, will continue to trade on the Nasdaq Global Market under the symbol "AIRTP."
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 5, 2024 AIR T, INC. By: /s/ Brian Ochocki Brian Ochocki, Chief Financial Officer