M&A - AIR T INC

Form Type: 8-K

Filing Date: 2025-05-21

Corporate Action: Acquisition

Type: New

Accession Number: 000035318425000024

Filing Summary: On May 15, 2025, Mountain Air Cargo, Inc. (MAC), a wholly-owned subsidiary of Air T, Inc., acquired all the outstanding membership interests of Royal Aircraft Services, LLC, which offers aircraft painting, maintenance, repair, and overhaul services. As part of the acquisition, an amendment to the credit agreement with Alerus Financial was made, including a term loan of $1,050,000 to finance the acquisition, with the loan maturing on May 15, 2030, and interest set at a minimum of 5%. Monthly payments on the term note will begin on June 15, 2025. The acquisition is expected to enhance MAC's operations by integrating Royal's services into its offerings.