AIRT Air T Inc

CUSIP No. 009207101

CUSIP No. 009207101

CUSIP No. 009207101

CUSIP No. 009207101

CUSIP No. 009207101

CUSIP No. 009207101

This Schedule 13D Amendment relates to shares of the Common Stock, $.25 par value, of Air T, Inc., a Delaware corporation (the “Issuer” or the “Company”). The address of the principal executive offices of the Issuer is 5930 Balsom Ridge Road, Denver, North Carolina 28037.

This Schedule 13D is being filed jointly by

(collectively, the “Farnam Group”).

(b)        The principal office and place of business for all of the Reporting Persons is 3033 Excelsior Boulevard, Suite 340, Minneapolis, Minnesota 55416.

(c)        Farnam Fund was organized in January 1998 as a Minnesota Limited Partnership. FS I Fund was organized in April 2013. Farnam Fund and FS I Fund (collectively, the “Funds”) are private investment partnerships whose principal business activities involve investing in equity securities of publicly traded companies, as well as other types of securities. Mr. Cabillot serves as Chief Executive Officer and a director of Farnam Capital, the General Partner of the Funds, located in Minneapolis, Minnesota. Mr. Peter O. Haeg is President and Secretary of Farnam Capital. Mr. Cabillot has been a director of Air T, Inc. since November 3, 2016.

(d) - (e) During the last five years, neither the Funds, Farnam Capital, nor the principals of Farnam Capital have been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors) nor have the parties been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such individual was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting, or mandating activity subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)       The Funds are Minnesota limited partnerships. Farnam Capital is a Minnesota corporation. Messrs. Cabillot and Haeg are citizens of the United States of America.

The source of the funds used for purchases by Farnam Capital are the investment proceeds of the Funds.

All of the shares of the Company owned by the Farnam Group were, at the time of their purchase, acquired for investment purposes in the ordinary course of business. The Farnam Group makes investments in companies that it believes are undervalued and represent an attractive investment opportunity. The Farnam Group may from time to time purchase additional shares of the Company's stock or dispose of all or some of the shares.

Except as set forth in this Item 4, the Farnam Group has no present plans or proposal that relates to or would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. As stated in Item 2, Mr. Cabillot has been a non-employee director of the Company since November 3, 2016.

The Farnam Group intends to review its investment in the Issuer on a continuing basis and, depending on various factors, including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the common stock, conditions in the securities markets, conditions in the industry and general economic conditions, may in the future take such actions with respect to its investment in the Issuer as it deems appropriate including, without limitation, purchasing additional shares of common stock or selling some or all of its shares or to change its intention with respect to any and all matters to in Item 4.

(a)       Farnam Fund beneficially owns 390,424 shares of the outstanding Common Stock of the Issuer, representing approximately 13.55% of the Common Stock. FS I Fund beneficially owns 55,793 shares of the outstanding Common Stock of the Issuer, representing approximately 1.9% of the Common Stock. (All percentages are based upon 2,881,853 shares outstanding as of October 30, 2020, as reported in the Issuer's Form 10-Q for the quarter ended September 30, 2020.)

(b)        The Funds do not share voting and dispositive power with respect to any shares. Farnam Capital may be deemed to beneficially own the aggregate of 446,217 shares of the outstanding Common Stock of the Issuer held by the Funds by virtue of its right to vote and dispositive power, representing approximately 15.5% of the Common Stock.

Mr. Cabillot owns 7,500 shares and may be deemed to beneficially own an aggregate of 453,717 shares of the outstanding Common Stock of the Issuer held by the himself and the Funds by virtue of his right to share vote and dispositive power, representing approximately 15.7% of the Common Stock.

Mr. Haeg owns 3,642 shares and may be deemed to beneficially own an aggregate of 449,859 shares of the outstanding Common Stock of the Issuer held by the himself and the Funds by virtue of his right to share vote and dispositive power, representing approximately 15.6% of the Common Stock.

(c)        The Farnam Group has made the following purchases of the Issuer’s securities within the past 60 days:

With respect to the Funds, Farnam Capital is entitled to (1) an allocation of a portion of profits, if any, and (2) a management fee based upon a percentage of total capital.

Messrs. Cabillot and Haeg are indemnified by the Funds and Farnam Capital for liabilities they may incur in connection with their respective duties for the Farnam Group.

Other than the foregoing agreements and arrangements and the Agreement to file jointly between the members of the Farnam Group (incorporated herein by reference), there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date:         January 8, 2021