---
schema_version: "secwatch.filing_event.v1"
accession: "0000353184-26-000031"
form_type: "8-K"
ticker: "AIRT"
cik: "0000353184"
company_name: "AIR T INC"
filed_at: "2026-03-09T23:59:59+00:00"
generated_at: "2026-05-15T18:18:47.452085+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Air T's Crestone Air Partners to acquire Arena Aviation Capital for over $35M

## Summary
- Consideration in excess of $35M, subject to post-closing adjustments for debt and transaction expenses.
- Combined platform to have ~124 aircraft, 17 engines, >$4B AUM, 55+ employees across 5 countries.
- Arena brings seasoned team; CEO Kevin Milligan cites disciplined consolidation.
- Crestone also evaluating potential sale of minority equity interest; no definitive agreement yet.
- Closing subject to conditions and approvals.

## SEC filing metadata
- accession: 0000353184-26-000031
- form_type: 8-K
- ticker: AIRT
- cik: 0000353184
- company_name: AIR T INC
- filed_at: 2026-03-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/353184/000035318426000031/0000353184-26-000031-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/353184/000035318426000031/airt-20260309.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000353184-26-000031
- JSON: https://secwatch.observer/filing/0000353184-26-000031.json
- Plain text: https://secwatch.observer/filing/0000353184-26-000031.txt

## Key facts
- Material Agreements
  AIR T INC entered into Share Purchase Agreement with Arena Aviation Partners B.V. valued at in excess of 35 million (effective 2026-03-08).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Arena Aviation Partners B.V.
  - Value: in excess of 35 million
  - Effective: 2026-03-08
  source text: On March 8, 2026, Air T, Inc. (the “Company”), through Crestone Air Partners LLC (the “Purchaser” or “Crestone”), entered into a Share Purchase Agreement (the “Purchase Agreement”) with Arena Aviation Partners B.V. (“Arena”), the sellers party thereto (collectively, the “Sellers”), and Dirk Jan Smit, as Securityholders’ Agent, pursuant to which Purchaser agreed to acquire all of the outstanding shares of Arena.
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318426000031/0000353184-26-000031-index.htm

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