AIR T : Announces It Will Not Extend Warrants (AIRTW) To Purchase Alpha Income Preferred Securities (AIRTP) Beyond August 30, 2021
June 23, 2021 at 05:46 pm EDT
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AIR T Announces It Will Not Extend Warrants (AIRTW) To Purchase Alpha Income Preferred Securities (AIRTP) Beyond August 30, 2021
DENVER, NC, June 23, 2021 - Air T, Inc. (NASDAQ: AIRT), announced today that the Warrants ('Warrants') (NASDAQ: AIRTW) to purchase its Alpha Income Preferred (AIP) securities of Air T Funding (NASDAQ: AIRTP) will not be extended.
After two generous extensions, the Warrants will expire as scheduled on August 30, 2021. This leaves only 42 trading days until the Warrants expire. AIRTW holders can buy 8% Trust Preferred securities (NASDAQ: AIRTP) for $24.00. The Trust Preferred securities have closed at or above $25.00 on 24 of the last 30 trading days.
Each Warrant is exercisable for one-tenth of a share of AIP for $2.40. Therefore, each ten (10) Warrants confer upon the holder the right to purchase one (1) full share of AIP for $24.00, representing a 4% discount to the stated value of $25.00 for one share.
The offering of AIP upon exercise of the Warrants is made only by means of a prospectus. Copies of the final prospectus relating to the offering, which is included in Air T's registration statement on Form S-1 (File Nos. 333-228485 and 333-228485-01), and the prospectus supplements dated June 9, 2020, September 2, 2020, January 11, 2021, and May 14, 2021, may be obtained for free by visiting EDGAR on the SEC's website at www.sec.gov.
Alternatively, copies of the prospectus and prospectus supplement may be obtained for free from Katrina Philp, Chief of Staff, Air T, Inc., telephone (612) 405-5896, email kphilp@airt.net.
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. For more information, visit www.airt.net.
CONTACT
Air T, Inc.
Brian Ochocki, CFO
bochocki@airt.net
612-843-4302
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Air T Inc. published this content on 23 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2021 21:44:07 UTC.
Air T, Inc. is a holding company with a portfolio of operating businesses and financial assets. The Company has four segments: Overnight air cargo, Ground equipment sales, Commercial jet engines and parts, and Corporate and other. Overnight air cargo segment operates in the air express delivery services industry. Ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, military and industrial customers. Commercial jet engines and parts segment manages and leases aviation assets, supplies surplus and aftermarket commercial jet engine components, provides commercial aircraft disassembly/part-out services, commercial aircraft parts sales, and procurement services and overhaul and repair services to airlines. Corporate and other segment acts as the capital allocator and resources for other consolidated businesses. Further, the segment is also comprised of insignificant businesses.