Air T, Inc. Announces Record Date and Proposed Distribution Date for Distribution of Alpha Income Preferred Securities and Wa...
May 29 2019 - 4:44PM
Air T, Inc. (NASDAQ: AIRT) ("Air T") announced today the
record date and proposed distribution date for its issuance
and distribution of $4 million in face value of a new 8% fixed
income security, Alpha Income Preferred (AIP), pro rata to existing
holders of Air T common stock. The record date for the distribution
(the “Record Date”) will be Tuesday, June 4, 2019, and the proposed
distribution date will be Friday, June 7, 2019 at 5:00 p.m. Eastern
time. The 8% AIP will be preferred securities of Air T Funding, a
subsidiary trust formed by Air T. Concurrently, Air T stockholders
as of the Record Date will also receive warrants (the “Warrants”)
to purchase up to an additional $21 million in face value of 8% AIP
at an exercise price equal to 96% of face value, exercisable for up
to one year. If the Warrants are all exercised, there will be $25
million in face amount of 8% AIP outstanding. Air T currently
expects that the AIP and the Warrants will be listed for trading
upon issuance on the NASDAQ Global Market under the symbols “AIRTP”
and “AIRTW,” respectively.
Concurrently with the distribution of these new securities, Air
T will effect a 50% common stock dividend (equivalent to a
three-for-two stock split) to holders of record of the common stock
as of the Record Date. Based on the proposed distribution date of
June 7, 2019, Air T’s common stock will commence trading on the
NASDAQ Global Market effective with the opening of trading on
Monday, June 10, 2019. The common stock currently trades on the
NASDAQ Capital Market. The common stock will continue to trade
under the symbol “AIRT.”
The proposed offering will be made only by means of a
prospectus. Copies of the preliminary prospectus relating to the
proposed offering, which is included in Air T’s registration
statement on Form S-1 (File Nos. 333-228485 and
333-228485-01) may be obtained for free by visiting EDGAR on
the SEC’s website at www.sec.gov. Alternatively, copies of the
prospectus, when available, may be obtained for free from Katrina
Philp, Chief of Staff, Air T, Inc., telephone (612) 405-5896, email
kphilp@airt.net.
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
ABOUT AIR T, INC. Established in 1980, AIR T,
INC. is a powerful portfolio of businesses and financial assets,
each of which operate independently yet interrelatedly. The
Company’s four core segments are: overnight air cargo, aviation
ground support equipment manufacturing, aviation ground support
maintenance services, and commercial aircraft asset management and
logistics. Our ownership interests are designed to expand,
strengthen and diversify AIR T, INC.’s cash earnings power. Our
goal is to build on AIR T, INC.’s core businesses, and when
appropriate, to expand into adjacent and other industries that we
believe fit into the AIR T, INC. portfolio.
Forward-Looking Statements Statements in this
press release, which contain more than historical information, may
be considered forward-looking statements (as such term is defined
in the Private Securities Litigation Reform Act of 1995), which are
subject to risks and uncertainties. Actual results may differ
materially from those expressed in the forward-looking statements
because of important potential risks and uncertainties, including,
but not limited to, the risk that contracts with major customers
will be terminated or not extended, future economic conditions and
their impact on the Company’s customers, the Company’s ability to
recover on its investments, including its investments in Delphax
and other recently acquired companies, the timing and amounts of
future orders under the Company’s Global Ground Support
subsidiary’s contract with the United States Air Force, and risks
and uncertainties related to business acquisitions, including the
ability to successfully achieve the anticipated benefits of the
acquisitions, inflation rates, competition, changes in technology
or government regulation, information technology disruptions, and
the impact of future terrorist activities in the United
States and abroad. A forward-looking statement is neither a
prediction nor a guarantee of future events or circumstances, and
those future events or circumstances may not occur. The Company is
under no obligation, and it expressly disclaims any obligation, to
update or alter any forward-looking statements, whether as a result
of new information, future events or otherwise.
Contact:
AIR T, INC.Katrina Philpkphilp@airt.net(612) 405-5896
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