Summary of AIR T INC - Yahoo! Finance

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfe

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

(a) As reported in the Form 8-K filed by Air T, Inc. ("Air T") with the Securities and Exchange Commission on July 9, 2009, on July 8, 2009 Claude S. Abernethy, Jr., an independent member of the Air T's Board of Directors and one of the three members of its Audit Committee, passed away, and that, as a result of Mr. Abernethy's death, Air T was temporarily in noncompliance with Nasdaq Listing Rule 5605(b)(1), which requires that independent directors comprise a majority of the Board of Directors, and Nasdaq Listing Rule 5605(c)(2), which requires that the Audit Committee be comprised of at least three members. Each of Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2) provides a cure period of 180 days for Air T to regain compliance.

Air T notified The Nasdaq Stock Market ("Nasdaq") on July 8, 2009 of its temporary non-compliance with these listing rules. On July 9, 2009, Air T notified Nasdaq that earlier that day the Executive Committee of the Board of Directors had appointed Dennis A. Wicker, an independent director, to the Audit Committee, and as a result of this action, Air T had regained compliance with Nasdaq Listing Rule 5605(c)(2). Air T intends to regain compliance with Nasdaq Listing Rule 5605(b)(1) prior to the expiration of the cure period through the appointment or election of an independent director to the Board of Directors to fill the vacancy created by Mr. Abernethy's death.

On July 16, 2009, Air T received notice from Nasdaq advising that, as result of Mr. Abernethy ceasing to be a director, Air T was not in compliance with Nasdaq Listing Rule 5605(b)(1) and confirming that Air T must regain compliance with this requirement by January 4, 2010. As required by Nasdaq listing rules, Air T issued a press release on July 16, 2009 disclosing its receipt of this notice, which press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference.