FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Lisi Steven A. 2. Issuer Name and Ticker or Trading Symbol Beyond Air, Inc. [ XAIR ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
CEO and Chairman of the Board
(Last)         (First)         (Middle)
C/O BEYOND AIR, INC.,, 900 STEWART AVENUE, SUITE 301
3. Date of Earliest Transaction (MM/DD/YYYY)
1/12/2022
(Street)
GARDEN CITY,, NY 11530
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  1/12/2022    M(1)    83334  A $3.66  1233445  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants (right to buy)  $3.66  1/12/2022    M (1)       83334   1/13/2017  1/13/2022  Common Stock  83334  $0  0  D   

Explanation of Responses:
(1)  On January 12, 2022, the reporting person exercised a warrant to purchase 83,334 shares of common stock, par value $0.0001 per share, of Beyond Air, Inc. for $3.66 a share. The reported transactions were exempt from Section 16(b) in accordance with Rule 16b-3 and Rule 16b-6.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Lisi Steven A.
C/O BEYOND AIR, INC.,
900 STEWART AVENUE, SUITE 301
GARDEN CITY,, NY 11530
X
CEO and Chairman of the Board

Signatures
/s/ Steven A. Lisi 1/14/2022
**Signature of Reporting Person Date
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