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<SEC-DOCUMENT>0000353184-09-000017.txt : 20090713
<SEC-HEADER>0000353184-09-000017.hdr.sgml : 20090713
<ACCEPTANCE-DATETIME>20090713114256
ACCESSION NUMBER:		0000353184-09-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090708
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
FILED AS OF DATE:		20090713
DATE AS OF CHANGE:		20090713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIR T INC
		CENTRAL INDEX KEY:			0000353184
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR COURIER SERVICES [4513]
		IRS NUMBER:				521206400
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0309

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11720
		FILM NUMBER:		09941516

	BUSINESS ADDRESS:	
		STREET 1:		3524 AIRPORT RD
		CITY:			MAIDEN
		STATE:			NC
		ZIP:			28650
		BUSINESS PHONE:		7043772109

	MAIL ADDRESS:	
		STREET 1:		P O BOX 488
		CITY:			DENVER
		STATE:			NC
		ZIP:			28037

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR TRANSPORTATION HOLDING CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLANTA EXPRESS AIRLINE CORP
		DATE OF NAME CHANGE:	19840321
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>abernethy8k.htm
<DESCRIPTION>DIRECTOR STATUS AT 7/8/09
<TEXT>
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DC 20549</font></div>
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8-K</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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Report (Date of earliest event reported)<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;July 8,
2009</font></font></div>
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      T, Inc.</font></div>
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<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160; &#160;&#160;
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Incorporation)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Identification
No.)</font></div>
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Airport Road</font></div>
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North Carolina
28650&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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464-8741&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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the registrant under any of the following provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see </font>General Instruction A.2.
below):</font></div>
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Pre-commencement communications
      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4c))</font></font></div>
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          <tr valign="top">
            <td style="WIDTH: 108pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 3</font>.<font style="DISPLAY: inline; FONT-WEIGHT: bold">01</font>.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Notice of Delisting or Failure
      to Satisfy a Continued Listing Rule or Standard; Transfer of
      Listing</font>.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On
July 8, 2009, Air T, Inc. (the &#8220;Company&#8221;) provided written notice to The Nasdaq
Stock Market LLC (&#8220;Nasdaq&#8221;) that earlier that day Claude S. Abernethy, Jr., an
independent member of the Company&#8217;s Board of Directors and one of the three
members of the Company&#8217;s Audit Committee, had passed away, and that, as a result
of Mr. Abernethy&#8217;s death, the Company was temporarily in noncompliance
with:</font></div>
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      Rule 5605(b)(1), which requires that independent directors comprise a
      majority of the Board of Directors;
and</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nasdaq
      Rule 5605(c)(2), which requires that the Audit Committee be comprised of
      at least three members.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Nasdaq Rules 5605(b)(1) and 5605(c)(2) provides a cure period of 180 days for
the Company to regain compliance.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On July
9, 2009, the Executive Committee of the Board of Directors of the Company
appointed Dennis A. Wicker, an independent director, to the Audit
Committee.&#160;&#160;As a result of this action, the Company believes that it
has regained compliance with Nasdaq Rule 5605(c)(2).</font></div>
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Company intends to regain compliance with Nasdaq Rule 5605(b)(1) prior to the
expiration of the 180-day cure period through the appointment or election of an
independent director to the Board of Directors to fill the vacancy created by
Mr. Abernethy&#8217;s death.</font></div>
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</font></div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
July 13, 2009</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AIR T,
INC.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Walter Clark</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> &#160;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Walter
Clark, Chief Executive Officer</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br><br></body>
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