SCHEDULE 13D: Star Equity Group Discloses 6% Stake in Air Industries

Star Equity Fund and CEO Jeffrey E. Eberwein have disclosed a combined 6.0% beneficial ownership stake in Air Industries Group, citing undervaluation and attractive investment opportunity.

Summary

• Star Equity Fund, LP, and its affiliated entities, along with Jeffrey E. Eberwein, have filed a Schedule 13D, disclosing their beneficial ownership in Air Industries Group.
• Jeffrey E. Eberwein beneficially owns 285,000 shares, representing approximately 5.97% of Air Industries Group's common stock.
• Star Equity Fund and its related entities beneficially own 85,000 shares, representing approximately 1.78% of the common stock.
• The aggregate number of shares outstanding for Air Industries Group is 4,775,777 as of November 12, 2025.
• The Reporting Persons acquired the shares because they believe they were undervalued and represented an attractive investment opportunity.
• Star Equity Fund purchased 85,000 shares for approximately $278,523, excluding brokerage commissions.
• Jeffrey E. Eberwein purchased 200,000 shares for approximately $629,529, excluding brokerage commissions.
• The Reporting Persons may seek to increase or decrease their position, engage in discussions with management and the board, and propose changes to capitalization, ownership, board structure, operations, or strategic alternatives.

Sentiment

Score: 7

Explanation: The filing indicates a positive sentiment from the reporting persons, who believe the shares are undervalued and represent an attractive investment opportunity. Their intent to engage with management to maximize shareholder value suggests a proactive approach to improving the company's prospects.

Positives

• Reporting Persons believe Air Industries Group shares were undervalued, indicating potential for price appreciation.
• The acquisition by Star Equity Fund and Jeffrey E. Eberwein signals confidence in the company's future prospects.
• The Reporting Persons may engage with management and the board to maximize shareholder value.

Future Outlook

The Reporting Persons intend to review their investment in Air Industries Group on a continuing basis and may take actions such as increasing or decreasing their position, engaging in discussions with management and the board, making proposals concerning capitalization, ownership structure, board composition, operations, or potential business combinations and strategic alternatives.

Management Comments

• The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.
• The Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
• The Reporting Persons may engage, in general discussions with the Issuer's Board and management team in evaluating all options to maximize shareholder value.

Industry Context

This filing indicates an instance of activist investing, where a significant shareholder group, led by Jeffrey E. Eberwein, takes a substantial stake in a company, Air Industries Group, with the stated intention of influencing corporate strategy and governance to unlock perceived shareholder value. Such actions are common in sectors where companies may be seen as underperforming or undervalued, often leading to increased scrutiny on management and potential strategic shifts.

Stakeholder Impact

• Shareholders: Potential for increased shareholder value if the Reporting Persons' strategies are successful; potential for volatility due to activist involvement.
• Management/Board: Increased scrutiny and potential pressure to consider strategic changes.

Next Steps

• Reporting Persons may increase or decrease their position in Air Industries Group.
• Reporting Persons may engage in discussions with Air Industries Group's Board and management team.
• Reporting Persons may make proposals concerning changes to capitalization, ownership structure, board structure (including composition), or operations of Air Industries Group.
• Reporting Persons may propose potential business combinations or strategic alternatives involving Air Industries Group or its businesses/assets.

Key Dates

Recommendation

While the filing indicates a belief that Air Industries Group shares are undervalued and an intent to maximize shareholder value, the immediate impact and success of potential activist actions are uncertain. Investors should hold to observe the outcome of the Reporting Persons' engagement with management and any proposed strategic changes before making further investment decisions. The current filing primarily signals intent rather than concrete operational improvements or financial results.

Keywords

Air Industries Group, Star Equity Fund, Jeffrey E. Eberwein, Schedule 13D, Activist Investor, Shareholder Value, Undervalued Stock, Common Stock, Investment Opportunity, Corporate Governance