Item 2.01. Completion of Acquisition or Disposition of Assets.

On April 13, 2022, Contrail Aviation Support, LLC ("CAS"), a 79%-owned subsidiary Air T, Inc. (the "Company") completed the acquisition of two (2) CFM56-5B3/2P engines. The engines were purchased pursuant to the purchase agreement dated January 19, 2022 reported in Air T, Inc's Current Report on Form 8-K dated January 24, 2022. The transaction value for the purchase of the two engines exceeded $3,000,000. The purchase continues Contrail's business of purchasing aircraft and/or aircraft engines for the purpose of leasing or disassembling them and selling them for parts. As of the date of this Form 8-K filing, all eight (8) engines to be purchased pursuant to the January 19, 2022 purchase agreement have been acquired. The foregoing summary of the terms of the purchase transaction documents does not purport to be complete and is qualified in its entirety by reference to the documents which are filed as Exhibit 10.1 and Exhibit 10.2 hereto and are incorporated by reference herein.




Item 9.01 Financial Statements and Exhibits
10.1        Acceptance Certificate, dated April 13, 2022 with respect to Engines

CFM56-5B3/2P Serial numbers 779476 and 779945. 10.2 Bills of Sale, dated April 13, 2022 with respect to Engines CFM56-5B3/2P Serial

numbers 779476 and 779945.

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