Air T : Completion of Acquisition or Disposition of Assets - Form 8-K

airt-20220421

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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): April 20, 2022

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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 Carolina28037

(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 (seeGeneral 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 2.01. Completion of Acquisition or Disposition of Assets.

On April 20, 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 the fifth and six engines of eight (8) engines to be 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.

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 20, 2022 with respect to Engines CFM56-5B3/2P Serial numbers 779999 and 779969.
10.2	Bills of Sale, dated April 20, 2022 with respect to Engines CFM56-5B3/2P Serial numbers 779999 and 779969 .

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: April 21, 2022.

AIR T, INC.

By: /s/ Brian Ochocki

Brian Ochocki, Chief Financial Officer