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Air T , Inc. (NASDAQ:AIRT) reported Monday that its stockholders approved all director nominees and key proposals during the company’s 2025 annual meeting, held Thursday. The information is based on a press release statement and the company’s SEC filing.
Shareholders representing 91.54% of the company’s 2,702,639 outstanding common shares were present or represented by proxy.
All seven director nominees— Raymond (NSE:RYMD) E. Cabillot, William R. Foudray, Gary S. Kohler, Peter McClung, Nicholas J. Swenson, Travis Swenson, and Jamie Thingelstad—were elected. Each received at least 2,033,181 votes in favor, with minimal votes withheld. There were 436,436 broker non-votes for each nominee.
An advisory vote to approve executive compensation passed, with 2,034,434 votes for, 2,986 against, 150 abstentions, and 436,436 broker non-votes.
Shareholders also approved an amendment to Air T’s Restated Certificate of Incorporation to increase the number of authorized preferred shares. The measure received 1,863,161 votes in favor, 174,151 against, 257 abstentions, and 436,436 broker non-votes.
On the advisory vote regarding the frequency of future executive compensation votes, a majority of shareholders (2,031,474) favored holding such votes every year. There were 2,218 votes for every two years, 1,477 for every three years, and 2,401 abstentions. Broker non-votes totaled 436,436.
Additionally, the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for 2025 was ratified by shareholders, with 2,472,476 votes for, 1,530 against, and no abstentions.
Air T, Inc. is based in Charlotte, North Carolina, and operates in air courier services. According to InvestingPro data, the company maintains a healthy current ratio of 1.89, though it hasn’t been profitable over the last twelve months. The company also has Alpha Income Preferred Securities (NASDAQ:AIRTP) listed on the NASDAQ Global Market. InvestingPro subscribers have access to over 30 additional financial metrics and key insights about AIRT’s performance.
All information is sourced from the company’s SEC filing and accompanying press release statement.
In other recent news, Air T, Inc. completed the sale of two Airbus aircraft through its subsidiary CASP Leasing I, LLC, with the transaction value exceeding $18 million. The aircraft and engines were sold to FTAI Aircraft Leasing Ireland (2025) DAC, with agreements executed to transfer the rights and obligations under existing leases. Additionally, Air T has expanded its financing deal to $100 million, a significant increase from the previous $30 million, to support its strategic growth objectives. This new financing agreement, involving a Multiple Advance Senior Secured Note, was entered into with institutional investors, providing non-recourse capital through 2027 and maturing in 2035.
Air T’s subsidiary, AAM 24-1, LLC, has already received $40 million under this agreement, with commitments for an additional $60 million in scheduled increments. Furthermore, Mountain Air Cargo, another subsidiary of Air T, has completed the acquisition of Royal Aircraft Services to enhance its aircraft maintenance capabilities. This acquisition is expected to integrate Royal Aircraft Services’ expertise into Mountain Air Cargo’s operations, maintaining the brand and service quality. These developments reflect Air T’s ongoing efforts to strengthen its financial foundation and expand its operational capabilities.
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