Company: AIRTP
Filing Date: 2025-06-02
Form Type: 8-K
Source: 0000353184-25-000030
Chunk: 0

Company: AIR T INC
Filing Date: 2025-06-02
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement

As previously disclosed by Air T, Inc., a Delaware corporation (the “ Company”) in Current Reports on Form 8-K filed on February 26, 2024 and October 22, 2024, the Company, along with its wholly-owned subsidiary AAM 24-1, LLC, a Minnesota limited liability company (the “ Issuer”), entered into Note Purchase Agreements (the “ Original NPAs”) with two institutional investors (the “ Investors”). Pursuant to the Original NPAs, the Issuer issued and sold 8.5% senior secured notes in the aggregate principal amount of $30,000,000 to the Investors (the transactions collectively referred herein to as the “ Original Financings”).

On May 30, 2025, the Company, along with the Issuer, entered into new transaction documents with the Investors that replace the Original Financings transaction documents. Pursuant to a Third Note Purchase Agreement (the “ Third Note Purchase Agreement”) with the Investors, the Issuer agreed to issue and sell a Multiple Advance Senior Secured Note in an aggregate principal amount of up to $100,000,000 (the “ Multiple Advance Note”). For purposes of clarity and the avoidance of doubt, as of the closing date, Investors advanced an additional $10,000,000 to the Issuer and have collectively advanced under the Multiple Advance Note to the Issuer the aggregate amount of $40,000,000. Provided no default or event of default of the Issuer or the Company exists, and subject to satisfaction of all requirements for any closing as set forth in the Third Note Purchase Agreement, the Investors are obligated to advance to the Issuer an additional aggregate $60,000,000 in $10,000,000 increments, each on or within fifteen (15) days of the following dates:

September 30, 2025$10,000,000

January 30, 2026$10,000,000

May 30, 2026$10,000,000

September 30, 2026$10,000,000

January 30, 2027$10,000,000

May 30, 2027$10,000,000

The Multiple Advance Note bears annual interest at a rate of 8.5% which is computed on the basis of a 30/360-day year and actual days elapsed and is payable semi-annually in ar