---
schema_version: "secwatch.filing_event.v1"
accession: "0000353184-25-000140"
form_type: "8-K"
ticker: "AIRT"
cik: "0000353184"
company_name: "AIR T INC"
filed_at: "2025-12-18T23:59:59+00:00"
generated_at: "2026-05-16T12:50:09.195531+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Air T completes acquisition of Australian regional airline Rex for $1 plus ~A$108M liabilities

## Summary
- Acquired all outstanding stock of Regional Express Holdings (Rex) for $1 cash and assumption of ~A$108M liabilities; court-approved Dec 11, 2025.
- Issued US$40M 11.5% senior secured note to Honeywell funds due 2031 to finance A$50M credit facility for Rex at 12% interest.
- Commonwealth of Australia remains secured creditor with ~A$108M perpetual facility and provides additional A$60M for fleet overhaul.
- Rex currently operates ~31 Saab 340 aircraft; plans to increase to 45 within two years using new financing.
- Warrants issued to three executives for up to 19% equity in acquisition subsidiary with nominal exercise price.

## SEC filing metadata
- accession: 0000353184-25-000140
- form_type: 8-K
- ticker: AIRT
- cik: 0000353184
- company_name: AIR T INC
- filed_at: 2025-12-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/353184/000035318425000140/0000353184-25-000140-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/353184/000035318425000140/airt-20251218.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000353184-25-000140
- JSON: https://secwatch.observer/filing/0000353184-25-000140.json
- Plain text: https://secwatch.observer/filing/0000353184-25-000140.txt

## Source-grounded claims
- claim_id: 5e825ac73056b4d3e3ef2dd5af896434be8015ed
  claim: AIR T INC incurred credit facility of A$50,000,000 with Rex Express at 12.0% per annum maturing five years from the date of closing.
  evidence_excerpt: The New Cap Note Facility provides a A$50,000,000 line of credit, matures five years from the date of closing, and bears interest at 12.0% per annum.
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318425000140/0000353184-25-000140-index.htm
- claim_id: bf75ec1cc4532add362f5949c5a18ba9dd5662c7
  claim: AIR T INC incurred senior notes of US$40,000,000 with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund at 11.5% per annum maturing December 15, 2031.
  evidence_excerpt: Acquisition 25.1 issued to the Investors a 11.5% Senior Secured Note due December 15, 2031 in the aggregate principal amount of US$40,000,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318425000140/0000353184-25-000140-index.htm
- claim_id: a4f5f9f38523883142f2028583a939fecdca6f83
  claim: AIR T INC completed an acquisition involving Regional Express Holdings Limited for $1.00 and assumption of approximately A$108,000,000 in liabilities (closed 2025-12-17).
  evidence_excerpt: On December 17, 2025, the Company, through Rex Acquisition, completed the acquisition of all of the outstanding capital stock of Regional Express Holdings Limited ("Rex Express") for cash consideration of $1.00 and the assumption of Rex Express’s liabilities.
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318425000140/0000353184-25-000140-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.