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Air T, Inc. Announces Reverse Split of Alpha Income Preferred Securities (AIRTP) Effective January 14, 2020
DENVER, NC / ACCESSWIRE / January 7, 2020 / Air T, Inc. (NASDAQ:AIRT) ("Air T") announced today that a one-for-ten reverse split of its Alpha Income Preferred
About this update from Air T, Inc.
[{"type":"text","content":"DENVER, NC / ACCESSWIRE / January 7, 2020 / Air T, Inc. (NASDAQ:AIRT) (\"Air T\") announced today that a one-for-ten reverse split of its Alpha Income Preferred (AIP) securities (NASDAQ:AIRTP) will be completed effective January 14, 2020. The record date for the reverse split will be January 14, 2020, and as of that date, the CUSIP number for the AIP will be 00919P 302. Cash will be paid for fractional shares of AIP.As a result of the reverse split, effective January 14, 2020, the stated value of the AIP will be $25.00 per share. Future cash distributions on the AIP will be in the amount of $0.50 per share (remaining at a rate of 8.0% per annum) commencing with the next distribution payment date of February 15, 2020.Warrants to purchase AIP (\"Warrants\") (NASDAQ:AIRTW) will remain outstanding, with the number of shares of AIP that can be purchased and the exercise price per share to be adjusted for the reverse split. As a result, effective January 14, 2020, each Warrant will confer upon its holder the right to purchase one-tenth of a share of AIP for $2.40, representing a 4% discount to the new stated value of $2.50 for one-tenth of a share.The common stock of Air T, Inc. (NASDAQ:AIRT) is not affected by the reverse split.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 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 OchockiChief Financial [email protected] StatementsStatements in this press release, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those expressed in the forward-looking statements because of important potential risks and uncertainties, includ...