Form 4: AIR T Inc. CEO Nicholas Swenson Adjusts Beneficial Ownership Reporting Through Share Delegation

AIR T Inc. CEO Nicholas Swenson reported a delegation of voting and dispositive power over 1,620 shares of common stock held by AO Partners I, L.P., without a change in pecuniary interest, impacting his beneficial ownership calculation.

Summary

• Nicholas J. Swenson, who serves as CEO, Director, and a 10% Owner of AIR T Inc. (AIRT), filed a Form 4 to report changes in his beneficial ownership.
• On June 27, 2025, the General Partner of AO Partners I, L.P., an entity associated with Mr. Swenson, made an irrevocable delegation of sole voting and dispositive power over 1,620 shares of AIRT common stock to a third party.
• This transaction did not involve any consideration paid and resulted in no change to the pecuniary interest in the shares.
• The total number of shares held by AO Partners I, L.P. remained unchanged.
• The primary effect of this delegation was to reduce Nicholas J. Swenson's beneficial ownership calculation under Rule 13d-3 of the Securities Exchange Act of 1934, leading to his aggregate beneficial ownership being reported as less than 50% of the common stock.
• Following the reported transaction, Mr. Swenson's beneficial ownership includes 62,920 shares held directly, 972,584 shares indirectly through AO Partners I, L.P., 94,938 shares indirectly through Glenhurst Co., 52,690 shares indirectly through Groveland Capital, LLC, and 169,806 shares indirectly through Groveland DST, LLC.

Sentiment

Score: 5

Explanation: The document is a routine SEC Form 4 filing disclosing a change in beneficial ownership calculation due to a delegation of voting power. It does not indicate positive or negative operational or financial performance, making its sentiment neutral.

Management Comments

• Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, specifically a change in the calculation of beneficial ownership due to a delegation of voting power. Such filings are standard for publicly traded companies and do not typically reflect broader industry trends or competitive dynamics.

Corporate Governance

Related Party Transactions

• Delegation of sole voting and dispositive power over 1,620 shares of AIRT common stock by AO Partners I, L.P., an entity indirectly controlled by Nicholas J. Swenson, to a third party. This transaction did not involve consideration or a change in pecuniary interest.

Stakeholder Impact

• Shareholders: The change in beneficial ownership calculation for a key insider (CEO, Director, 10% Owner) is disclosed, providing transparency regarding control and voting power, though it does not alter the underlying pecuniary interest or company operations.

Key Dates

Keywords

AIR T Inc., AIRT, Nicholas J. Swenson, Form 4, SEC Filing, Beneficial Ownership, Insider Transaction, Voting Power, Share Delegation, Corporate Governance