Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) The Company issued $5.0 million of its $5.0 million 8.0% Cumulative Capital Security Certificates (also referred to as the TruPs) to the Company’s wholly-owned subsidiary, Air T Acquisition 22.1, LLC in connection with its formation. The transaction was exempt, among other reasons, under Section 4(a)(2).
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(b) On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. No shares were repurchased during the quarter ended December 31, 2021.
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