Company: AIRTP
Filing Date: 2025-06-23
Form Type: PRE 14A
Source: 0000353184-25-000035
Chunk: 31

Company: AIR T INC
Filing Date: 2025-06-23
Form: PRE 14A
Chunk 31
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 Chief Executive Officer and Chairman of the Board, is also the majority shareholder of Cadillac Castings, Inc. (“CCI”). On November 8, 2019, the Company made an investment of $2.8 million to purchase a 19.90% ownership stake in CCI. As of March 31, 2025, Mr. Swenson owns 67% of ownership interests in CCI.

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PROPOSAL 3 –APPROVAL OF AMENDMENT TO RESTATED CERTIFICATE OF INCORPORATION</div>

The Restated Certificate of Incorporation of the Company currently authorizes us to issue a total of 2,000,000 shares of Preferred Stock, $1.00 par value. Our Board of Directors has approved, and is seeking stockholder approval of, an amendment to our Restated Certificate of Incorporation to increase the number of shares of authorized Preferred Stock from 2,000,000 to 4,000,000 (the “Amendment”). Of the 2,000,000 shares of Preferred Stock, $1.00 par value per share currently authorized, none are issued and outstanding. However, with only 2,000,000 shares authorized we currently have a very limited number of preferred shares available for future issuance.

The Board of Directors has unanimously determined that the Amendment is advisable and in the best interests of the Company and our stockholders and recommends that our stockholders approve the Amendment. In accordance with the General Corporation Law of the State of Delaware, we are hereby seeking approval of the Amendment by our stockholders.

No changes to the Restated Certificate of Incorporation are being proposed with respect to the number of authorized shares of Common Stock. Other than the proposed increase in the number of authorized shares of Preferred Stock, the Amendment is not intended to modify the rights of existing stockholders in any material respect. The Amendment also retains the “blank check preferred” reserve.

The Board of Director’s objective in approving the Amendment is to provide maximum flexibility with respect to future financing transactions. Preferred Stock is commonly authorized by publicly traded companies and is sometimes used as a preferred means of raising capital. In some circumstances, companies, including us, have been required to utilize senior classes of securities to raise capital, with the terms of those securities being negotiated and tailored to meet the needs of both investors and issuing companies. Such senior securities often include liquidation preferences and dividend rights, conversion privileges and other rights not found in Common Stock.

The Company does not currently have specific plans