Air T Inc. Enters Material Definitive Agreement

Ticker: AIRTP · Form: 8-K · Filed: Oct 22, 2024 · CIK: 353184

Sentiment: neutral

Topics: material-agreement, financial-obligation

Related Tickers: AIRT

TL;DR

AIRT just signed a big financial deal, could be good or bad.

AI Summary

Air T Inc. entered into a material definitive agreement on October 22, 2024, related to a direct financial obligation. The filing details the creation of this obligation, which is a significant event for the company's financial structure. Further details regarding the specific terms and parties involved in this agreement are expected to be disclosed.

Why It Matters

This filing indicates a new significant financial commitment or obligation for Air T Inc., which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The creation of a new material definitive agreement and financial obligation introduces uncertainty about the terms and potential impact on the company's financial standing.

Key Players & Entities

FAQ

What is the nature of the material definitive agreement entered into by Air T Inc.?

The filing indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement of a registrant, but the specific details of the agreement are not fully disclosed in this summary.

When was this material definitive agreement reported?

The report date for this 8-K filing is October 22, 2024.

What are the primary items disclosed in this 8-K filing?

The filing primarily concerns the entry into a Material Definitive Agreement, the creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, and Financial Statements and Exhibits.

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

Air T Inc.'s Standard Industrial Classification is AIR COURIER SERVICES [4513].

What is the business address of Air T Inc.?

The business address of Air T Inc. is 11020 DAVID TAYLOR DRIVE, SUITE 305, CHARLOTTE, NC 28262.

Filing Stats: 1,195 words · 5 min read · ~4 pages · Grade level 12.5 · Accepted 2024-10-22 16:51:07

Key Financial Figures

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement As disclosed by Air T, Inc., a Delaware corporation (the "Company") in a Current Report on Form 8-K filed on February 26, 2024 (the "February 8-K"), the Company, along with its wholly owned subsidiary AAM 24-1, LLC, a Minnesota limited liability company (the "Issuer"), previously entered into a Note Purchase Agreement (the "Original NPA") with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, an "Investor" and together, the "Investors") on February 22, 2024. Pursuant to the Original NPA, the Issuer had issued and sold 8.5% senior secured notes in the aggregate principal amount of $15,000,000 to the Investors (the transaction, the "Original Financing"). On October 16, 2024, the Company, along with the Issuer, entered into a Second Note Purchase Agreement (the "Second NPA") with the Investors pursuant to which the terms and conditions of the Original Financing were amended and restated, and the Issuer agreed to issue and sell 8.5% senior secured notes in the aggregate principal amount of $30,000,000 to the Investors (collectively, the "Notes"; and the transaction, the "Supplemental Financing"). For purposes of clarity and the avoidance of doubt, this aggregate principal amount of $30,000,000 includes the principal amount of $15,000,000 from the Original Financing, such that the aggregate indebtedness of the Issuer in favor of the Investors is now $30,000,000. The Notes bear an annual interest at a rate of 8.5% which is computed on the basis of a 30/360-day year and actual days elapsed and is payable semi-annually in arrears, pursuant to the terms of the Notes. The maturity date of the Notes is March 1, 2031. The Notes contain standard and customary events of default including, but not limited to, failure to make payments when due under the Note, failure to comply with certain covenants contained in the Note, or bankruptcy or insolvency of, or certain monetary judg

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits 10.1 Note Purchase Agreement among Air T, Inc., AAM 24-1, LLC, Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust, dated October 16, 2024. 10.2 Form of Senior Secured Promissory Note, dated October 16, 2024. 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: October 22, 2024 AIR T, INC. By: /s/ Tracy Kennedy Tracy Kennedy, Chief Financial Officer

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