8-K

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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): February 21, 2023

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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 Carolina 28037

(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 (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 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 7.01 Regulation FD Disclosure

On February 21, 2023, Mountain Air Cargo, Inc. (“MAC”), a wholly-owned subsidiary of Air T, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the completion of its first Cessna C408 SkyCourier Air Cargo Flight in Florida. The flight occurred on January 3, 2023 between Tallahassee and Orlando and was the inaugural flight of a Cessna C408 SkyCourier by MAC. The Cessna C408 is the latest addition to MAC’s express air cargo fleet. MAC’s fleet now includes three Cessna C408 SkyCouriers with plans to add five more by the end of 2023. MAC has been a North American feeder airline under contract with FedEx (NYSE: FDX) for more than 40 years. A copy of the Press Release dated February 21, 2023 is attached to this Report as Exhibit 99.1 and is incorporated herein by reference.

The information contained in Item 7.01 to this Current Report on Form 8-K (including Exhibit 99.1) is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section. The information in this Current Report on Form 8-K under Item 7.01 (including Exhibit 99.1) shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits

99.1	Press Release dated February 21, 2023
104	Cover Page Interactive Data File (embedded within Inline XBRL document)

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: February 21, 2023

AIR T, INC.

By: /s/ Brian Ochocki

Brian Ochocki, Chief Financial Officer

EX-99.1

Mountain Air Cargo Inc Launches World’s First Cessna 408 SkyCourier In Florida

Inaugural C408 SkyCourier Flight Operations Expands Mountain Air Cargo’s New Aircraft Fleet and Advances Pilot Career Opportunities

Denver, NC – February 21, 2023 – Mountain Air Cargo, Inc. (MAC – www.mtaircargo.com), a FedEx air cargo feeder airline established over 40 years ago, today announced that the world’s first C408 SkyCourier route between Tallahassee and Orlando, operated by Captain Samantha Szefler, launched on January 3, 2023. MAC’s inaugural C408 flight in Florida is part of its long-standing strategic relationship with FedEx, and further enables the Company’s long-term sustained feeder growth plans while expanding its fleet with new C408 SkyCourier aircraft and advancing pilot career opportunities.

The C408 SkyCourier is the latest addition to MAC’s express air cargo fleet, which has over 50 aircraft operating in the eastern U.S. and Caribbean. MAC’s fleet consists of ATR 42s/72s, Cessna 208s/408s and next-gen ATRs. Additionally, MAC operates a full-service Part 145 MRO facility with a 64,000 sq. ft. repair station, providing both line and heavy maintenance services that are compliant, cost-efficient, and organizationally effective for their long-standing customer.

MAC’s fleet now includes three C408 SkyCouriers with plans to add five more by the end of 2023, which will allow the Company to expand into new markets more quickly and safely. The C408 SkyCourier is a twin-engine aircraft that offers more freight capacity than the C208 Caravan. The C408 SkyCourier’s higher freight capacity is 6,000 pounds, which is double that of the C208.

Moreover, while the ATR has a higher freight capacity than the C408, the C408 SkyCourier offers a more cost-effective cost-per-pound solution.

“Recently, MAC celebrated 40 years of flight and maintenance operations, which includes 38 years with FedEx,” said Michael Bandalan, CEO of Mountain Air Cargo, Inc. “New aircraft need reliable operations. We pride ourselves on being a reliable service organization that has earned the opportunity to fly a number of C408 SkyCouriers and cost-efficiently manage the air cargo hauling process from start to finish.”

Added Bandalan, “We are a people-first company who prioritizes pilot and maintenance careers with industry-leading quality of life. Having C408 SkyCouriers in our fleet offers tremendous career advancement opportunities for all in the rapidly growing air cargo industry.”

“We are excited to have the Cessna 408 SkyCourier moving into operations,” said Bill West, Jr., vice president of supplemental aircraft operations for FedEx Express. “FedEx was involved in this project all the way back to the design stages, when we mentioned a need for a large cargo door and floor that can handle ULDs and a plane that could carry 6,000 pounds of cargo over 200 miles. This plane is a great addition to our network and helps us in our fleet modernization plan.”

Added MAC Captain Samantha Szefler, “I couldn’t have been more thrilled to have piloted the world’s first C408 SkyCourier cargo route in Florida. I’m honored to have been chosen by MAC to lead the way on such an important next step in our company’s history. I look forward to continued excellence in flight operations that demonstrate our Classic MAC high standards.”

ABOUT MOUNTAIN AIR CARGO, INC.

Mountain Air Cargo, Inc. is a FedEx air cargo feeder airline established over 40 years. MAC’s flight operations include over 50 aircraft flying routes in the eastern U.S. and Caribbean. MAC’s fleet consists of ATR 42s & 72s, Cessna 208s & 408s and next-gen ATRs and Cessnas. Additionally, MAC is a full-service Part 145 MRO facility with a 64,000 sq. ft. repair station, providing both line and heavy maintenance services that are compliant, cost-efficient and organizationally effective. Based in Denver, North Carolina, Mountain Air Cargo, Inc. is a wholly owned subsidiary of Air T, Inc., (NASDAQ: AIRT). More information at www.mtaircargo.com.

Media Contact

Hilary Patterson

hpatterson@mtaircargo.com

XML

Cover	Feb. 21, 2023
Entity Information
Document Type	8-K
Document Period End Date	Feb. 21, 2023
Entity Registrant Name	AIR T, INC.
Entity Incorporation, State	DE
Entity File Number	001-35476
Entity Tax Identification Number	52-1206400
Entity Address, Street	5930 Balsom Ridge Road
Entity Address, City	Denver
Entity Address, State	NC
Entity Address, Postal Zip Code	28037
City Area Code	828
Local Phone Number	464-8741
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000353184
Amendment Flag	false
Amendment Description
Document Effective Date	Feb. 21, 2023
Common Stock
Entity Information
Title of 12(b) Security	Common Stock
Trading Symbol	AIRT
Security Exchange Name	NASDAQ
Cumulative Capital Securities
Entity Information
Title of 12(b) Security	Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
Trading Symbol	AIRTP
Security Exchange Name	NASDAQ