DENVER, N.C., June 10, 2019 /PRNewswire/ -- Air T, Inc.
(NASDAQ: AIRT) ("Air T") announced today the final
distribution date and distribution ratios for its previously
announced issuance and distribution of (1) $4 million in face value of Alpha Income
Preferred (AIP), a new 8% fixed income trust preferred security,
and (2) warrants to purchase up to an additional $21 million in face value of AIP at an exercise
price equal to 96% of face value. The distribution date will
be Monday, June 10, 2019, and the AIP
and warrants will be distributed pro rata to existing holders of
Air T common stock as of the Record Date of June 4, 2019. For each share of Air T common
stock held on the Record Date, Air T will distribute 0.792161
shares of AIP and 4.158844 warrants. Also on June 10, 2019, Air T is effecting a 50% common
stock dividend (equivalent to a three-for-two stock split) to
holders of the common stock as of the Record Date.
The AIP (symbol "AIRTP") and the warrants (symbol "AIRTW") will
trade on the NASDAQ Global Market on a when issued basis on
Monday, June 10, 2019 and will trade
regular way commencing on Tuesday, June 11,
2019. Air T's common stock, which has been trading on the
NASDAQ Capital Market, is changing its listing to the NASDAQ Global
Market effective on Monday, June 10,
2019. The common stock will continue to trade under the
symbol "AIRT." Commencing on June 11,
2019, the common stock will trade ex dividend.
The offering of AIP upon exercise of the Warrants will be 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) 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.
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.
SOURCE Air T, Inc.
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SOURCE Air T, Inc.