AIR T INC — Capital/Financing Update 2021

Oct 19, 2021

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

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FORM 8-K

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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 14, 2021

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AIR T, INC.

(Exact Name of Registrant as Specified in Charter)

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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 1.01 Entry into a Material Definitive Agreement

On October 14, 2021, Air T, Inc., a Delaware corporation (the “Company”) and WLPC East, LLC, a Minnesota limited liability company entered into a real estate purchase agreement with respect to the real estate located at 5000 36 th Street West, St. Louis Park, Minnesota (the “Agreement”). Pursuant to the terms and conditions set forth in the Agreement, the Company will acquire the property for a purchase price of approximately $13,200,000. The property includes an office building with approximately 52,000 square feet of leasable space, in which the Company currently leases approximately 4,500 square feet. The Company is currently seeking financing for approximately 80% of the total purchase price. The Agreement is subject to numerous closing conditions and other terms and conditions customary for real estate transactions, including further due diligence review. While the parties project a closing date in approximately 60 days, closing may occur after this date and there is no assurance at this time that closing will occur.

The foregoing does not purport to be a complete summary of the terms of the Agreement and is qualified by reference to the full text of the Agreement, which is provided as Exhibit 10.1 to this report and is incorporated herein by reference as if fully set forth herein.

Item 9.01 Financial Statements and Exhibits

10.1 Real Estate Purchase Agreement between Air T, Inc. and WLPC East, LLC dated October 11, 2021, without 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 19, 2021 .

AIR T, INC.

By: /s/ Brian Ochocki

Brian Ochocki, Chief Financial Officer