AIR T INC (AIRT): Nasdaq/NYSE listing notice — Air T fails Nasdaq minimum $10M stockholders' equity; must submit plan by April 1

AIR T INC

Received Nasdaq deficiency letter on Feb 15, 2024 for failing minimum stockholders' equity of $10,000,000.
Also fails alternative standards under Nasdaq Listing Rules 5450(b)(2) and (b)(3) for publicly held shares.
Company blames stock buybacks for reducing equity and publicly held shares.
Has until April 1, 2024 to submit compliance plan; possible extension to August 13, 2024.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

AIR T INC received a nasdaq deficiency notice notice regarding stockholders equity (rules 5450(b)(1)(A), 5450(b)(2), 5450(b)(3)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5450(b)(1)(A), 5450(b)(2), 5450(b)(3)

Exact text from the filing

received a deficiency letter (the “Letter”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq Listing Rule 5450(b)(1)(A) requires listed companies to maintain stockholders’ equity of at least $10,000,000 (the “Stockholders’ Equity Requirement”). The Company has identified its history of stock buybacks as a significant contributing cause, given the direct impact stock bu

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AIR T INC filing history →

Source: SEC EDGAR

accession 0001104659-24-026526

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