DENVER, N.C., Sept. 28, 2017 /PRNewswire/ -- Air T, Inc. ("Air T" or the "Company") (NASDAQ: AIRT) announced today that The NASDAQ Stock Market ("NASDAQ") granted the Company a 180-day extension to meet the requirements for continued listing on its exchange.
As previously reported, the Company had received letters from the Listing Qualifications Department of NASDAQ notifying the Company of its noncompliance with NASDAQ Listing Rule 5250(c)(1) because the Company had not yet filed its Annual Report on Form 10-K for the year ended March 31, 2017 ("Form 10‑K") and its Quarterly Report on Form 10-Q for the period ended June 30, 2017 (the "Form 10‑Q"). As permitted under the NASDAQ Listing Rules, Air T timely submitted to NASDAQ the Company's plan to regain compliance with Rule 5250(c)(1). NASDAQ has accepted the Company's plan and granted an exception of 180 calendar days from the Form 10-K's due date for the Company to regain compliance. Under the terms of this exception, Air T must file the Form 10-K, the Form 10-Q, and all other delinquent periodic reports on or before January 10, 2018. The exception provides that in the event that Air T does not satisfy the terms set forth in the extension, NASDAQ will provide written notification that the Company's common stock will be subject to delisting proceedings, at which time Air T may appeal NASDAQ's determination for a panel review.
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, expectations or implications 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, the Form 10-Q and any other required periodic report by January 10, 2018 and otherwise regaining compliance with NASDAQ Listing Rules. 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.
SOURCE Air T, Inc.