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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">SECURITIES AND EXCHANGE COMMISSION</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Washington, DC 20549</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>FORM 8-K</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>CURRENT REPORT </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported) <u>April 18</u><u>, 2019</u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="margin-left:23.1%;width:55.9%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>Air T, Inc.</b></p>
			</td>
		</tr>

</table>

<p style="font-size:2pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact Name of Registrant as Specified in its Charter)</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

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			<td style="width: 30%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Delaware</td>
			<td style="width: 5%; text-align: center;">&nbsp;</td>
			<td style="width: 30%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);">001-35476</td>
			<td style="width: 5%; text-align: center;">&nbsp;</td>
			<td style="width: 30%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);">52-1206400</td>
		</tr>
		<tr>
			<td style="text-align: center; width: 30%;">(State or Other Jurisdiction</td>
			<td style="text-align: center; width: 5%;">&nbsp;</td>
			<td style="text-align: center; width: 30%;">(Commission File Number)</td>
			<td style="text-align: center; width: 5%;">&nbsp;</td>
			<td style="text-align: center; width: 30%;">(I.R.S. Employer</td>
		</tr>
		<tr>
			<td style="text-align: center; width: 30%;">of Incorporation)&nbsp;</td>
			<td style="text-align: center; width: 5%;">&nbsp;</td>
			<td style="text-align: center; width: 30%;">&nbsp;</td>
			<td style="text-align: center; width: 5%;">&nbsp;</td>
			<td style="text-align: center; width: 30%;">Identification No.)</td>
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			<td style="width: 30%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%;">&nbsp;</td>
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		<tr>
			<td style="width: 30%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center;">5930 Balsom Ridge Road</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 30%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Denver, North Carolina 28037&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 30%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center;">(Address of Principal Executive Offices)</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 30%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%; text-align: center;">(Zip Code)</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 30%;">&nbsp;</td>
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</table>

<p style="margin: 0pt;">&nbsp;</p>

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			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 36%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);">(828) 464-8741&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 27%;">&nbsp;</td>
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			<td style="width: 27%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 36%; text-align: center;">(Registrant&rsquo;s Telephone Number, Including Area Code)</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 27%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 36%; text-align: center;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 27%;">&nbsp;</td>
		</tr>
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			<td style="width: 27%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 36%; text-align: center;">&nbsp;</td>
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			<td style="width: 27%;">&nbsp;</td>
		</tr>
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			<td style="width: 27%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 36%; text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Not Applicable</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 27%;">&nbsp;</td>
		</tr>
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			<td style="width: 27%;">&nbsp;</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 36%; text-align: center;">(Former name or former address, if changed from last report)</td>
			<td style="width: 5%;">&nbsp;</td>
			<td style="width: 27%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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 (<i>see </i>General Instruction A.2. below):</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

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			<td style="width:18pt;">&nbsp;</td>
			<td style="width:22pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<td style="width:18pt;">&nbsp;</td>
			<td style="width:22pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

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			<td style="width:18pt;">&nbsp;</td>
			<td style="width:22pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td style="width:18pt;">&nbsp;</td>
			<td style="width:22pt;vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#9744;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))</p>
			</td>
		</tr>

</table>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Emerging growth company &#9744;</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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. &#9744;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item </b><b>5.02</b><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b><b>Departure of Directors or Certain Officers; Appointment of Certain Officers; Compen</b><b>satory Arrangements of Certain O</b><b>fficers.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On April 18, 2019, Candice Otey, Chief Accounting Officer and Principal Financial Officer of Air T, Inc. (the &ldquo;Company&rdquo;), notified the Company that she resigned from her positions, effective immediately. Ms. Otey&rsquo;s resignation was not the result of any disagreement with the Company.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Upon the effectiveness of Ms. Otey&rsquo;s resignation, Seth Barkett, a member of the Company&rsquo;s Board of Directors, was appointed interim Principal Financial Officer and will remain in this position while the Chief Financial Officer search process continues. Seth Barkett will also remain on the Board of Directors. He will receive no additional compensation for acting as interim Principal Financial Officer.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 7.01&nbsp; &nbsp; &nbsp; Regulation FD Disclosure.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The information set forth in Item 8.01 is incorporated by reference herein.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 8.01&nbsp; &nbsp; &nbsp; Other Events.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">A significant customer of the Company&rsquo;s wholly-owned subsidiary, Mountain Air Cargo, Inc. (&ldquo;MAC&rdquo;), informed MAC on April 19, 2019 that a strategic realignment would occur in the Caribbean region. The change will affect service provided by MAC in that region and pursuant to the planned realignment, MAC assets and services will be transferred to a new carrier. Details of the proposed realignment are still being determined, but MAC presently expects that the transfer will take approximately six (6) months to complete. MAC currently estimates that approximately eleven&nbsp;(11) aircraft&nbsp;will be transitioned to the new carrier. Up to $2,000,000&nbsp;in revenue and $540,000 in net income are currently estimated to be involved, although these amounts are still uncertain.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">SIGNATURES</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Date: April 24, 2019</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:53.8%;margin-right:0pt;margin-top:0pt;text-align:justify;">AIR T, INC.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:53.8%;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:53.8%;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:53.8%;margin-right:0pt;margin-top:0pt;text-align:justify;">By:&nbsp;<u>/s/ </u><u>Nick Swenson</u><u> &nbsp;</u><u>&nbsp;</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:57.9%;margin-right:0pt;margin-top:0pt;text-align:left;">Nick Swenson, Chief Executive Officer</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:53.8%;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:19.15pt;">&nbsp;</p>

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{"company-data": {"conformed-name": "AIR T INC", "cik": "0000353184", "assigned-sic": "4513", "irs-number": "521206400", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35476", "film-number": "19764260"}, "business-address": {"street1": "5930 BALSOM RIDGE ROAD", "city": "DENVER", "state": "NC", "zip": "28037", "phone": "7043772109"}, "mail-address": {"street1": "P O BOX 488", "city": "DENVER", "state": "NC", "zip": "28037"}, "former-company": [{"former-conformed-name": "AIR TRANSPORTATION HOLDING CO INC", "date-changed": "19920703"}, {"former-conformed-name": "ATLANTA EXPRESS AIRLINE CORP", "date-changed": "19840321"}]}
airt20190423_8k.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
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 18
, 2019
Air T, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
001-35476
52-1206400
(State or Other Jurisdiction
(Commission File Number)
(I.R.S. Employer
of Incorporation)
Identification No.)
5930 Balsom Ridge Road
Denver, North Carolina 28037
(Address of Principal Executive Offices)
(Zip Code)
(828) 464-8741
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed from last report)
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 (
see
General 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 communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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
5.02
Departure of Directors or Certain Officers; Appointment of Certain Officers; Compen
satory Arrangements of Certain O
fficers.
On April 18, 2019, Candice Otey, Chief Accounting Officer and Principal Financial Officer of Air T, Inc. (the "Company"), notified the Company that she resigned from her positions, effective immediately. Ms. Otey's resignation was not the result of any disagreement with the Company.
Upon the effectiveness of Ms. Otey's resignation, Seth Barkett, a member of the Company's Board of Directors, was appointed interim Principal Financial Officer and will remain in this position while the Chief Financial Officer search process continues. Seth Barkett will also remain on the Board of Directors. He will receive no additional compensation for acting as interim Principal Financial Officer.
Item 7.01      Regulation FD Disclosure.
The information set forth in Item 8.01 is incorporated by reference herein.
Item 8.01      Other Events.
A significant customer of the Company's wholly-owned subsidiary, Mountain Air Cargo, Inc. ("MAC"), informed MAC on April 19, 2019 that a strategic realignment would occur in the Caribbean region. The change will affect service provided by MAC in that region and pursuant to the planned realignment, MAC assets and services will be transferred to a new carrier. Details of the proposed realignment are still being determined, but MAC presently expects that the transfer will take approximately six (6) months to complete. MAC currently estimates that approximately eleven (11) aircraft will be transitioned to the new carrier. Up to $2,000,000 in revenue and $540,000 in net income are currently estimated to be involved, although these amounts are still uncertain.
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 24, 2019
AIR T, INC.
By:
/s/
Nick Swenson
Nick Swenson, Chief Executive Officer
2