Air Industries Group filed SEC Form 8-K: Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits
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Item 1.01 Entry Into a Definitive Material Agreement.
On January 31, 2025, we, Air Industries Group, entered into the Eighth Amendment to Loan and Security Agreement with Webster Bank (“Eighth Amendment”). In the Eighth Amendment Webster Bank relaxed the financial covenants in the agreement, permitted the repayment of our subordinated debt, and expanded our Term Loan by approximately $1.6 million. These funds will be used for the purchase of new state of the art machinery, costing approximately $1.9 million. This investment in production equipment will support the recently announced $33 million contract and will greatly increase throughput. A copy of the Eighth Amendment is annexed to this Report as Exhibit 10.1 and reference is made thereto for the complete terms and conditions of the Eighth Amendment.
Item 7.01 Regulation FD Disclosure.
On February 3, 2025 Air Industries Group issued a press release announcing that it had reached an agreement with Webster Bank, its primary lender, to amend the Company’s Credit Facility. A copy of the press release is annexed as Exhibit 99.1 to this Report.
The information contained in Item 7.01 in this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such Section, nor shall it be deemed incorporated by reference in any filing by us under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Eighth Amendment to Loan and Security Agreement with Webster Bank, National Association | |
| 99.1 | Press Release issued by Air Industries Group on February 3, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
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.
Dated: February 3, 2025
| AIR INDUSTRIES GROUP | ||
| By: | /s/ Scott Glassman | |
|
Scott Glassman | ||
| Chief Financial Officer | ||
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