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Air T, Inc. Announces Record Date, Payment Date and Payment Rate for Distribution on Alpha Income Preferred Securities
DENVER, NC / ACCESSWIRE / February 4, 2020 / Air T, Inc. (NASDAQ:AIRT) ("Air T") announced today the record date, payment date and payment rate for the next
About this update from Air T, Inc.
[{"type":"text","content":"DENVER, NC / ACCESSWIRE / February 4, 2020 / Air T, Inc. (NASDAQ:AIRT) (\"Air T\") announced today the record date, payment date and payment rate for the next quarterly cash distribution on its Alpha Income Preferred (AIP) securities (NASDAQ:AIRTP), which provide for distributions at the rate of 8.0% per annum on the stated value of $25.00 per share of AIP (reflecting a one-for-ten reverse split that was effective January 14, 2020). The distribution will be paid on Monday, February 17, 2020, to holders as of the Record Date of February 14, 2020. This distribution will cover the period from November 15, 2019, the date of the previous distribution, through February 15, 2020, and the distribution will be in the amount of $0.50 per share of AIP.Future distributions will be paid on the 15th day of every February, May, August and November or the next business day if the due date is not on a business day (subject to possible deferral as set forth in the Amended and Restated Trust Agreement dated June 10, 2019). The record date for each distribution will be one business day prior to the distribution date. Future distributions will be in the amount of $0.50 per share of AIP.Air T believes the AIP security offers holders an 8% return, providing a steady stream of income while diversifying portfolios and reducing overall asset allocation risk. Additional shares of AIP are available through the exercise of Warrants to purchase AIP shares (\"Warrants\"). Warrants were issued to AIRT shareholders in June of 2019 and are publicly traded (NASDAQ:AIRTW). Although AIP shares are still available, Air T is seeing steady Warrant conversion. The Warrants are only exercisable through their expiration date of June 7, 2020.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 three core segments are: overnight air cargo, aviation ground support equipment manufacturing, 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.CONTACT: AIR T, INC.Brian Ocho...