DENVER, N.C., Aug. 24, 2017 /PRNewswire/ -- Air T, Inc.
("Air T" or the "Company") (NASDAQ: AIRT) announced today that it
has received an anticipated letter from the Listing Qualifications
Department of The NASDAQ Stock Market ("NASDAQ") notifying the
Company of its noncompliance with NASDAQ Listing Rule 5250(c)(1)
because the Company has not yet filed its Quarterly Report on Form
10-Q for the period ended June 30, 2017 (the "Form
10-Q").
The Company previously received a notice from NASDAQ with
respect to the Company's noncompliance with the same NASDAQ Listing
Rule because the Company had not yet filed its Annual Report on
Form 10-K for the fiscal year ended March
31, 2017 (the "Form 10-K"), as described in a press release
issued by the Company on July 24,
2017. The Company has not yet filed the Form 10-K.
Under the NASDAQ Listing Rules, the Company has until
September 18, 2017 to submit a plan
to NASDAQ as to how it plans to regain compliance with NASDAQ's
continued listing requirements. The Company intends to submit
a compliance plan on or prior to that date. If NASDAQ accepts
the Company's plan, NASDAQ can grant an exception of up to 180
calendar days from the Form 10-K's due date, or until January 10, 2018, to regain compliance. The
Company may regain compliance at any time during this 180-day
period upon filing with the Securities and Exchange Commission the
Form 10-K and the Form 10-Q, as well as all subsequent required
periodic financial reports that are due within that period.
If NASDAQ does not accept the Company's plan, the Company will have
the opportunity to appeal that decision to a Nasdaq Hearings Panel before any change to
listing occurs.
The Company cannot file the Form 10-Q until it completes and
files the Form 10-K. The Company has not yet filed its Form 10-K as
additional time has been required to fully consider the accounting
treatment, including the appropriate attribution of income and
loss, with respect to its acquisition of interests in Delphax
Technologies Inc. in November of 2015, as described in Air T's
July 24, 2017 press release.
The Company has not yet completed its consideration of all matters
relevant to such accounting treatment.
The Company intends to regain compliance with NASDAQ's filing
requirements and will file the Form 10‑K and the Form 10-Q, as
soon as practicable.
The NASDAQ notification of noncompliance has no immediate effect
on the listing of Air T's common stock on the NASDAQ Stock
Market.
About Air T, Inc.
Established in 1980, Air T, Inc. is a diversified holding
company with four core industry segments: overnight air cargo,
aviation ground support equipment manufacturing, aviation ground
support maintenance services, and commercial jet engines and parts.
Our ownership interests consist of a broad set of operating and
financial assets that are designed to expand, strengthen and
diversify Air T's cash earnings power. Our goal is to build
on Air T's core businesses, to expand into adjacent industries, and
when appropriate, to acquire companies that we believe fit into the
Air T family. For more information, visit www.airt.net.
Cautionary Note Regarding Forward-looking Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions and other statements
contained in this press release that are not historical facts and
statements identified by words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," "outlook" or
words of similar meetings. These statements are based
upon our current expectations, beliefs and various assumptions, and
speak only as of the date hereof. There can be no assurance
that we will realize these expectations or that these beliefs will
prove correct. Examples of forward-looking statements
include, but are not limited to, statements we make regarding the
timing of the filing of the Form 10-K and the Form 10-Q.
Numerous factors, many of which are beyond our control, could cause
actual results to differ materially from those expressed as forward
looking statements. These factors include, but are not
limited to, unanticipated delays or other events that could prevent
Air T from completing the filing of the Form 10-K and the Form 10-Q
within the expected time period, contracts with major customers
will be terminated or not extended, future economic conditions and
their impact on the Company's customers; the Company's ability to
recover on its investments, including its investments in Delphax
Technologies, Inc.; the timing and amounts of future orders under
the Company's Global Ground Support subsidiary's contract with the
United States Air Force; inflation rates; competition; changes in
technology or government regulation; information technology
disruptions; the impact of future terrorist activities in
the United States and abroad; and
other factors that are described in the "Risk Factors" section in
the Company's Annual Report on Form 10-K filed with the SEC
on June 29, 2016 and in the Company's
other filings with the SEC, which are available on the SEC's
website at www.sec.gov. A forward-looking statement is
neither a prediction nor a guarantee of future events or
circumstances, and those future events or circumstances may not
occur. The Company is under no obligation, and it expressly
disclaims any obligation, to update or alter any forward-looking
statements, whether as a result of new information, future events
or circumstances or other factors arising or coming to our
attention after the date hereof.
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SOURCE Air T, Inc.