0000353184false00003531842021-10-222021-10-290000353184us-gaap:CommonStockMember2021-10-222021-10-290000353184airt:CumulativeCapitalSecuritiesMember2021-10-222021-10-29
______________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________
FORM 8-K
______________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 22, 2021
______________________________________________________________________________
AIR T, INC.
(Exact Name of Registrant as Specified in Charter)
______________________________________________________________________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware
|
|
001-35476
|
|
52-1206400
|
|
(State or Other Jurisdiction
of Incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
5930 Balsom Ridge Road
Denver, North Carolina 28037
(Address of Principal Executive Offices, and Zip Code)
________________(828) 464-8741__________________
Registrant’s Telephone Number, Including Area Code
Not applicable___
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
|
|
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common Stock
|
AIRT
|
NASDAQ Global Market
|
|
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
|
AIRTP
|
NASDAQ Global Market
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
|
|
|
|
|
|
|
☐
|
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
|
|
|
|
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
|
|
|
|
|
☐
|
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
|
|
|
|
|
|
☐
|
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
|
|
☐
|
Emerging growth company
|
|
☐
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
Item 8.01 Other Matters
On October 29, 2021, Air T, Inc. ("the Registrant") issued a press release announcing that Air T, Inc’s wholly-owned subsidiary Global Ground Support, LLC (“Global”) was awarded a new contract valued at approximately $34,000,000 to supply deicing trucks to the United States Air Force. The contract award is for two years commencing October 22, 2021 with four additional one-year extension options that may be exercised by the United States Air Force. The award includes standard deicer trucks and extended-reach deicer trucks along with commissioning and training costs. The actual value of the contract as well as units delivered will be determined based upon actual annual requirements of the United States Air Force. The press release is attached to this report at Exhibit 99.1, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
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 29, 2021.
AIR T, INC.
By: /s/ Brian Ochocki
Brian Ochocki, Chief Financial Officer
DENVER, NC, October 29, 2021 — Air T, Inc. (NASDAQ: AIRT) announced today that its wholly owned subsidiary, Global Ground Support, LLC, has been awarded a new contract valued at $34 million to supply deicing trucks to the United States Air Force. The contract award is for two years commencing October 22, 2021 with four additional one-year extension options that may be exercised by the United States Air Force. The award includes standard deicer trucks and extended-reach deicer trucks along with commissioning and training costs. The actual value of the contract as well as units delivered will be determined based upon actual annual requirements of the United States Air Force. The previous contract held by Global with the United States Air Force expired July 13, 2020.
Nick Swenson, Air T's CEO, stated that, “It is satisfying to see Global Ground Support once again selected by the United States Air Force to be their sole-source supplier of aircraft deicing trucks. Winning this contract is a testament to the quality of product and after-sale service and support — the same service that Global Ground Support provides to all of its customers. The fact that this was won as a sole-source award allows us to continue to supply this essential piece of operational readiness equipment to our military is particularly gratifying. The awarding of this contract furthers the opportunity for continued strong performance at our Global Ground Support unit in the coming years.”
ABOUT AIR T, INC.
Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, aviation ground support equipment manufacturing, and commercial aircraft asset management and logistics. We seek to expand, strengthen and diversify Air T’s after-tax cash flow per share. Our goal is to build Air T’s core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. Air T’s Global Ground Support subsidiary manufactures deicing and other specialized military and industrial equipment and is one of the largest providers of deicers in the world. For more information, visit www.globalgroundsupport.com.
CONTACT
Air T, Inc.
Brian Ochocki, CFO
bochocki@airt.net
612-843-4302