Warrants (AIRTW) to purchase Alpha Income Preferred Securities (AIRTP) will expire August 30, 2021, as previously announced
DENVER, CO / ACCESSWIRE / 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 [email protected].
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.
Air T, Inc.
Brian Ochocki, CFO
SOURCE: Air T, Inc.