William R. Foudray, a director at Air T Inc (NASDAQ:AIRT), recently acquired additional shares of the company, according to a recent SEC filing. On November 15, 2024, Foudray purchased 1,250 shares of Air T Inc at a price of $18 per share, amounting to a total investment of $22,500. The stock has since appreciated to $22.35, with InvestingPro analysis indicating the company is currently trading above its Fair Value.
Earlier, on August 14, 2023, Foudray exercised stock options to acquire 3,750 shares at a price of $7.04 per share. This transaction was part of a larger exercise valued at $26,400.
These acquisitions have increased Foudray's total direct ownership to 12,500 shares, reflecting his growing stake in the company.
In other recent news, Air T Inc has been active with significant developments. The North Carolina-based company expanded its debt capacity with investors, amending and restating its original financing terms with Honeywell Common Investment Fund and Honeywell International Inc (NASDAQ:HON). Master Retirement Trust. The agreement increases the senior secured notes issued to a total of $30 million, with an 8.5% annual interest rate, payable semi-annually, and maturing on March 1, 2031.
Air T Inc also appointed Tracy Kennedy as the new Chief Financial Officer, succeeding Brian Ochocki. Kennedy, previously the Chief Accounting Officer, will now oversee the company's financial operations, leveraging her six years of experience with the company.
In another recent development, the company secured a $10 million loan from Old National Bank to facilitate the acquisition of two Airbus planes through its subsidiary, CASP Leasing I, LLC. The purchase of the A320 and A321 aircraft, valued at over $18 million, aligns with the company's strategy to expand its aircraft leasing and parts sales business.
Additionally, Air T's 2024 Annual Meeting of Stockholders saw the successful election of all director nominees and the approval of executive officers' compensation. Deloitte & Touche LLP was ratified as the company's independent registered public accounting firm for the fiscal year 2025. These are the latest developments in Air T Inc's ongoing efforts to strengthen its position in the aviation services industry.
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