Air T enters ATM facility to sell up to $6.45M of preferred securities

AIR T INC

Up to $6,450,000 of Alpha Income Preferred Securities (AIRTP) may be sold at the market via Ascendiant Capital Markets.
Commission to sales agent is 3.0% of gross proceeds from any sales; trust can suspend or terminate at any time.
Sales may be made on NASDAQ or in negotiated transactions with prior approval; no obligation to sell any shares.
Proceeds will be used for general corporate purposes; existing shelf registration statement (333-254110) will be used.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AIR T INC entered into ATM Agreement with Ascendiant Capital Markets, LLC valued at up to $6,450,000 (effective 2023-10-17).

Action: entry
Agreement: atm program
Counterparty: Ascendiant Capital Markets, LLC
Value: up to $6,450,000
Effective: 2023-10-17

Exact text from the filing

On October 17, 2023, Air T, Inc. (the “Company”) and Air T Funding (the “Trust”) entered into an At-the-Market Offering Agreement (the “ATM Agreement”) with Ascendiant Capital Markets, LLC (the “sales agent” or “Ascendiant”), pursuant to which the Trust may sell and issue its Alpha Income Preferred Securities having an aggregate offering price of up to $6,450,000

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Source: SEC EDGAR

accession 0000353184-23-000136

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