Air T Inc. Signs Material Definitive Agreement

Ticker: AIRTP · Form: 8-K · Filed: Sep 5, 2024 · CIK: 353184

Sentiment: neutral

Topics: material-agreement, company-history

TL;DR

AIRT signed a big deal, could be good.

AI Summary

Air T Inc. entered into a material definitive agreement on August 29, 2024. The company, previously known as Air Transportation Holding Co Inc and Atlanta Express Airline Corp, is an air courier services provider based in Charlotte, NC.

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 — The filing details a material definitive agreement, but the specifics of the agreement and its potential impact are not yet disclosed, creating uncertainty.

Key Players & Entities

FAQ

What type of material definitive agreement did Air T Inc. enter into?

The filing does not specify the nature of the material definitive agreement, only that one was entered into on August 29, 2024.

When was the earliest event reported in this 8-K filing?

The earliest event reported was on August 29, 2024.

What is Air T Inc.'s Standard Industrial Classification code?

Air T Inc.'s SIC code is 4513, for Air Courier Services.

Where is Air T Inc. headquartered?

Air T Inc. is headquartered in Charlotte, NC.

Has Air T Inc. always been known by its current name?

No, Air T Inc. was formerly known as Air Transportation Holding Co Inc and Atlanta Express Airline Corp.

Filing Stats: 685 words · 3 min read · ~2 pages · Grade level 11.2 · Accepted 2024-09-04 20:42:05

Key Financial Figures

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On August 29, 2024, CASP Leasing I, LLC ("CASP"), a 95% owned subsidiary of Contrail Aviation Support, LLC (" Contrail "), entered into two purchase agreements to acquire two Airbus Model A321-111 aircraft. Upon completion of the purchase transactions, lease agreements for the lease of the aircrafts will become effective. The total transaction value for the purchases exceed $18,000,000.* The acquisition of the aircraft as discussed above continues Contrail's business of purchasing aircraft and/or aircraft engines for the purpose of leasing or disassembling them and selling them for parts. While the parties project a closing date in early September 2024, the closings may occur after this date and there is no assurance at this time that either closing or lease transaction will be completed. The purchase and form of lease agreements with respect to the transactions are filed as Exhibits 10.1, 10.2, 10.3 and 10.4, which are incorporated herein by reference. Portions of each transaction exhibit have been omitted for confidential treatment.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits 10.1 Aircraft Sale and Purchase Agreement between CASP Leasing I, LLC and Aurick One Limited dated August 29, 2024 – Aircraft #1* 10.2 Aircraft Sale and Purchase Agreement between CASP Leasing I, LLC and Aurick One Limited dated August 29, 2024-Aircraft #2* 10.3 Form of Aircraft Lease Agreement between CASP Leasing I, LLC and Electra Airways OOD – Aircraft #1* 10.4 Form of Aircraft Lease Agreement between CASP Leasing I, LLC and Electra Airways OOD – Aircraft #2* 104 Inline XBRL for the cover page of this Current Report on Form 8-K. *Portions of the transaction exhibits have been omitted for confidential treatment.

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: September 5, 2024 AIR T, INC. By: /s/ Tracy Kennedy Interim Principal Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR

View on Read The Filing