Filed pursuant to Rule 424(b)(3)
Registration Nos. 333-228485 and
333-228485-01

PROSPECTUS SUPPLEMENT NO. 1

to Prospectus dated June 10, 2019

___________________________

AIR T, INC.

Air T Funding

8,400,000 Warrants

840,000 Shares of Alpha Income Trust Preferred Securities* Issuable upon Exercise of

8,400,000 Outstanding Warrants

Aggregate Face Value of $21,000,000

___________________________

The information contained in this prospectus supplement supplements and amends our prospectus dated June 10, 2019 (the “Prospectus”), and should be read in conjunction therewith. This prospectus supplement may not be delivered or utilized without the Prospectus. This prospectus supplement is qualified by reference to the Prospectus, except to the extent that the information in this prospectus supplement updates and supersedes the information contained in the Prospectus. Capitalized terms contained in this prospectus supplement have the same meanings as in the Prospectus unless otherwise stated herein.

RECENT EVENTS

On June 9, 2020, Air T, Inc. (the “Company”) announced the extension of the expiration date of the Warrants (“Warrants”) to purchase Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”). The Warrants, previously scheduled to expire on June 10, 2020, are extended and now will expire on September 8, 2020. This prospectus supplement has been prepared primarily to set forth the new expiration date. Other terms of the Warrants remain the same, except that following a one-for-ten reverse split of the AIP effective January 14, 2020, the Warrants were adjusted according to the terms of the Warrants, so that each ten Warrants are exercisable for one AIP at an exercise price of $24.00 per AIP.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT OR THE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

This prospectus supplement is part of the Prospectus and either it or its contents must accompany the Prospectus to satisfy the prospectus-delivery requirements under the Securities Act of 1933.

*     Adjusted to reflect the effects of one-for-ten reverse split of the AIP effective January 14, 2020.

The date of this prospectus supplement is June 9, 2020

AIR T, INC.

Air T Funding

5930 Balsom Ridge Road

Denver, NC 28037