Air T Inc. Files 8-K for Material Definitive Agreement
Ticker: AIRTP · Form: 8-K · Filed: Apr 25, 2024 · CIK: 353184
Sentiment: neutral
Topics: material-definitive-agreement, filing
TL;DR
AIR T signed a big deal, check the 8-K for details.
AI Summary
Air T Inc. entered into a Material Definitive Agreement on April 24, 2024. The filing also includes financial statements and exhibits related to this agreement. The company is involved in air courier services and is incorporated in Delaware.
Why It Matters
This filing indicates a significant new contract or partnership for Air T Inc., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.
Key Players & Entities
- AIR T INC (company) — Filer
- AIR T FUNDING (company) — Filer
- 20240424 (date) — Date of Report
- 0001104659-24-051990 (document_id) — Accession Number
FAQ
What is the nature of the Material Definitive Agreement?
The filing does not specify the exact nature of the Material Definitive Agreement, only that one was entered into on April 24, 2024.
What are the primary business activities of Air T Inc.?
Air T Inc. is primarily involved in air courier services, as indicated by its Standard Industrial Classification code [4513].
When was the filing submitted?
The filing was submitted on April 25, 2024.
What is the fiscal year end for Air T Inc.?
The fiscal year end for Air T Inc. is March 31.
What is the fiscal year end for Air T Funding?
The fiscal year end for Air T Funding is December 31.
Filing Stats: 1,180 words · 5 min read · ~4 pages · Grade level 14.6 · Accepted 2024-04-25 16:24:50
Key Financial Figures
- $8,000,000 — ng an aggregate offering price of up to $8,000,000 (the "Capital Securities") from time to
Filing Documents
- tm2412644d2_8k.htm (8-K) — 46KB
- tm2412644d2_ex10-1.htm (EX-10.1) — 221KB
- 0001104659-24-051990.txt ( ) — 551KB
- airt-20240424.xsd (EX-101.SCH) — 4KB
- airt-20240424_def.xml (EX-101.DEF) — 28KB
- airt-20240424_lab.xml (EX-101.LAB) — 37KB
- airt-20240424_pre.xml (EX-101.PRE) — 26KB
- tm2412644d2_8k_htm.xml (XML) — 9KB
01Entry into
Item 1.01Entry into a Material Definitive Agreement On April 24, 2024, Air T, Inc. (the "Company") and Air T Funding (the "Trust") entered into an At the Market Offering Agreement (the "ATM Agreement") with Ascendiant Capital Markets, LLC (the "sales agent" or "Ascendiant"), pursuant to which the Trust may sell and issue its Alpha Income Preferred Securities having an aggregate offering price of up to $8,000,000 (the "Capital Securities") from time to time through Ascendiant, as the Trust's sales agent (the "ATM Offering"). The Trust has no obligation to sell any of the Capital Securities, and may at any time suspend offers under the ATM Agreement or terminate the ATM Agreement. Sales of the Capital Securities, if any, under the ATM Agreement may be made in transactions that are deemed to be "at-the-market" equity offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made by means of ordinary brokers' transactions, including on the NASDAQ Stock Market. Subject to the terms and conditions of the ATM Agreement, the sales agent will use its reasonable efforts to sell the Capital Securities from time to time based upon the Trust's instructions (including any price, time, or size limits or other parameters or conditions the Trust may impose). The Trust or the Company will pay the sales agent a commission of up to 3.0% of the gross sales price of any Capital Securities sold under the ATM Agreement. The Trust has also provided the sales agent with customary indemnification rights. The Capital Securities will be offered and sold pursuant to the Company's and the Trust's shelf registration statement on Form S-3 (File Nos. 333-277855-01 and 333-2577855). On April 25, 2024, the Company and the Trust filed a prospectus supplement relating to the ATM Offering with the Securities and Exchange Commission. Under the terms of the ATM Agreement, the Trust may also sell Capital Securities to Ascendiant as principal for its own account at a
01Financial
Item 9.01Financial (d) Exhibits Exhibit Number Description 10.1 At the Market Offering Agreement, dated April 24, 2024, by and between Air T, Inc., Air T Funding and Ascendiant Capital Markets, LLC 104 Inline XBRL for the cover page of this Current Report on Form 8-K.
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 25, 2024 AIR T, INC. By: /s/ Brian Ochocki Brian Ochocki, Chief Financial Officer