Martin R. Rosenbaum, Esq.
(Name, Address and Telephone Number of Persons
Authorized to Receive Notices and Communications)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box x .
CUSIP No. 009207101
1
|
NAME OF REPORTING PERSONS
Farnam Street Partners, L.P.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a) x
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
350,313
|
8
|
SHARED VOTING POWER
0
|
9
|
SOLE DISPOSITIVE POWER
350,313
|
10
|
SHARED DISPOSITIVE POWER
0
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
350,313
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
¨
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.0%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
|
CUSIP No. 009207101
1
|
NAME OF REPORTING PERSONS
FS Special Opportunities I, L.P.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a)
x
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
38,602
|
8
|
SHARED VOTING POWER
0
|
9
|
SOLE DISPOSITIVE POWER
38,602
|
10
|
SHARED DISPOSITIVE POWER
0
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
38,602
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
¨
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.3%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
|
|
|
|
CUSIP No. 009207101
1
|
NAME OF REPORTING PERSONS
Farnam Street Capital, Inc.
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a)
x
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
8
|
SHARED VOTING POWER
388,915
|
9
|
SOLE DISPOSITIVE POWER
0
|
10
|
SHARED DISPOSITIVE POWER
388,915
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
388,915
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
¨
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.4%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
|
|
|
|
CUSIP No. 009207101
1
|
NAME OF REPORTING PERSONS
Raymond E. Cabillot
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a)
¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds), PF
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
7,500
|
8
|
SHARED VOTING POWER
388,915
|
9
|
SOLE DISPOSITIVE POWER
7,500
|
10
|
SHARED DISPOSITIVE POWER
388,915
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
396,415
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
¨
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.6%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
|
|
|
|
CUSIP No. 009207101
1
|
NAME OF REPORTING PERSONS
Peter O. Haeg
|
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE
INSTRUCTIONS)
|
(a) ¨
(b)
¨
|
3
|
SEC USE ONLY
|
4
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO (Investment proceeds)
|
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e)
|
¨
|
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
|
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
3,642
|
8
|
SHARED VOTING POWER
388,915
|
9
|
SOLE DISPOSITIVE POWER
3,642
|
10
|
SHARED DISPOSITIVE POWER
388,915
|
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
392,557
|
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
|
¨
|
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
13.5%
|
14
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
|
|
|
|
CUSIP No. 009207101
|
Item 1.
|
Security and Issuer.
|
This Schedule 13D Amendment relates to shares
of the Common Stock, $.25 par value, of Air T, Inc., a Delaware corporation (the “Issuer” or the “Company”).
The address of the principal executive offices of the Issuer is 5930 Balsom Ridge Road, Denver, North Carolina 28037.
|
Item 2.
|
Identity and Background.
|
This Schedule 13D is being filed jointly by
|
●
|
Farnam Street Partners, L.P., a Minnesota limited partnership
(“Farnam Fund”)
|
|
●
|
FS Special Opportunities I, L.P., a Minnesota limited
partnership (“FS I Fund”)
|
|
●
|
Farnam Street Capital, Inc., a Minnesota corporation
(“Farnam Capital”)
|
|
●
|
Raymond E. Cabillot as the Chief Executive Officer and
a director of Farnam Capital
|
|
●
|
Peter O. Haeg as the President and Secretary and a director
of Farnam Capital
|
(collectively, the “Farnam Group”).
(b) The principal
office and place of business for all of the Reporting Persons is 3033 Excelsior Boulevard, Suite 340, Minneapolis, Minnesota 55416.
(c) Farnam Fund was
organized in January 1998 as a Minnesota Limited Partnership. FS I Fund was organized in April 2013. Farnam Fund and FS I Fund
(collectively, the “Funds”) are private investment partnerships whose principal business activities involve investing
in equity securities of publicly traded companies, as well as other types of securities. Mr. Cabillot serves as Chief Executive
Officer and a director of Farnam Capital, the General Partner of the Funds, located in Minneapolis, Minnesota. Mr. Peter O. Haeg
is President and Secretary of Farnam Capital. Mr. Cabillot has been a director of Air T, Inc. since November 3, 2016.
(d) - (e) During the last five years,
neither the Funds, Farnam Capital, nor the principals of Farnam Capital have been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) nor have the parties been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction as a result of which such individual was or is subject to a judgment, decree, or final order enjoining
future violations of, or prohibiting, or mandating activity subject to, federal or state securities laws or finding any violation
with respect to such laws.
(f) The
Funds are Minnesota limited partnerships. Farnam Capital is a Minnesota corporation. Messrs. Cabillot and Haeg are citizens of
the United States of America.
|
Item 3.
|
Source and Amount of Funds or Other Consideration.
|
The source of the funds used for purchases by Farnam Capital
are the investment proceeds of the Funds.
|
Item 4.
|
Purpose of Transaction.
|
All of the shares of the Company owned by
the Farnam Group were, at the time of their purchase, acquired for investment purposes in the ordinary course of business. The
Farnam Group makes investments in companies that it believes are undervalued and represent an attractive investment opportunity.
The Farnam Group may from time to time purchase additional shares of the Company's stock or dispose of all or some of the shares.
Except as set forth in this Item 4, the
Farnam Group has no present plans or proposal that relates to or would result in any of the actions specified in clauses (a) through
(j) of Item 4 of Schedule 13D. As stated in Item 2, Mr. Cabillot has been a non-employee director of the Company since November
3, 2016.
The Farnam Group intends to review its investment
in the Issuer on a continuing basis and, depending on various factors, including, without limitation, the Issuer’s financial
position and investment strategy, the price levels of the common stock, conditions in the securities markets, conditions in the
industry and general economic conditions, may in the future take such actions with respect to its investment in the Issuer as it
deems appropriate including, without limitation, purchasing additional shares of common stock or selling some or all of its shares
or to change its intention with respect to any and all matters to in Item 4.
|
Item 5.
|
Interests in Securities of the Issuer.
|
(a) Farnam
Fund beneficially owns 350,313 shares of the outstanding Common Stock of the Issuer, representing approximately 12.0% of the Common
Stock. FS I Fund beneficially owns 38,602 shares of the outstanding Common Stock of the Issuer, representing approximately 1.3%
of the Common Stock. (All percentages are based upon 2,912,599 shares outstanding, as reported in the Issuer's Form 10-Q for the
quarter ended December 31, 2019.)
(b) The
Funds do not share voting and dispositive power with respect to any shares. Farnam Capital may be deemed to beneficially own the
aggregate of 388,915 shares of the outstanding Common Stock of the Issuer held by the Funds by virtue of its right to vote and
dispositive power, representing approximately 13.4% of the Common Stock.
Mr. Cabillot owns 7,500 shares and may be
deemed to beneficially own an aggregate of 396,415 shares of the outstanding Common Stock of the Issuer held by the himself and
the Funds by virtue of his right to share vote and dispositive power, representing approximately 13.6% of the Common Stock.
Mr. Haeg owns 3,642 shares and may be deemed
to beneficially own an aggregate of 392,557 shares of the outstanding Common Stock of the Issuer held by the himself and the Funds
by virtue of his right to share vote and dispositive power, representing approximately 13.5% of the Common Stock.
(c) The
Farnam Group has made the following purchases of the Issuer’s securities within the past 60 days:
|
Date
|
No. of Shares
|
Price per share
|
Farnam Street Partners, L.P.
|
3/12/2020
|
799
|
$ 15.00
|
|
3/16/2020
|
16,243
|
$ 12.22
|
|
3/18/2020
|
11,996
|
$ 11.33
|
|
3/19/2020
|
27,400
|
$ 11.23
|
|
3/20/2020
|
174
|
$ 12.75
|
Peter Haeg
|
2/28/2020
|
3
|
$ 18.93
|
|
3/2/2020
|
101
|
$ 18.50
|
|
3/5/2020
|
13
|
$ 16.75
|
|
3/5/2020
|
195
|
$ 17.08
|
|
3/9/2020
|
30
|
$ 17.05
|
|
3/12/2020
|
500
|
$ 15.25
|
|
3/12/2020
|
1,500
|
$ 15.67
|
|
3/12/2020
|
300
|
$ 15.86
|
|
3/13/2020
|
1,000
|
$ 15.45
|
|
Item 6.
|
Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
|
With respect to the Funds, Farnam Capital
is entitled to (1) an allocation of a portion of profits, if any, and (2) a management fee based upon a percentage of total capital.
Messrs. Cabillot and Haeg are indemnified
by the Funds and Farnam Capital for liabilities they may incur in connection with their respective duties for the Farnam Group.
Other than the foregoing
agreements and arrangements and the Agreement to file jointly between the members of the Farnam Group (incorporated herein by reference),
there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between
such persons and any person with respect to any securities of the Issuer.
|
Item 7.
|
Material to be Filed as Exhibits.
|
Exhibit No.
|
Description
|
|
|
1
|
Agreement to file jointly. Incorporated
herein reference to Exhibit 1 filed with the Schedule 13D filed on November 8, 2016.
|
SIGNATURES
After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: March
30, 2020
|
|
|
|
|
|
FARNAM STREET PARTNERS, L.P.
|
|
|
|
|
By:
|
FARNAM STREET CAPITAL, INC.
|
|
General Partner
|
|
|
|
|
|
|
|
By:
|
/s/ Raymond E. Cabillot
|
|
|
Raymond E. Cabillot
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
FS SPECIAL OPPORTUNITIES FUND I, L.P.
|
|
|
|
By:
|
FARNAM STREET CAPITAL, INC.
|
|
General Partner
|
|
|
|
|
|
|
|
By:
|
/s/ Raymond E. Cabillot
|
|
|
Raymond E. Cabillot
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
FARNAM STREET CAPITAL, INC.
|
|
|
|
|
|
|
|
By:
|
/s/ Raymond E. Cabillot
|
|
|
Raymond E. Cabillot
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
By:
|
/s/ Raymond E. Cabillot
|
|
|
Raymond E. Cabillot
|
|
|
|
|
|
|
|
By:
|
/s/ Peter O. Haeg
|
|
|
Peter O. Haeg
|
|