0001754170false00017541702025-01-082025-01-08

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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Date of Report (date of earliest event reported): January 8, 2025

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AERSALE CORPORATION

(Exact name of registrant as specified in its charter)

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Delaware

001-38801

84-3976002

(State or Other Jurisdiction of
Incorporation)

(Commission File Number)

(IRS Employer Identification
Number)

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9850 NW 41st Street, Suite 400

Doral, FL 33178

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(Address of principal executive offices)

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Registrant’s telephone number, including area code:

(305) 764-3200

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Not Applicable

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

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☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

ASLE

The Nasdaq Stock Market LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☒

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 8.01. Other Events

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As previously disclosed by AerSale Corporation (the “Company”), in April 2024, one of the Company’s leased secondary parts warehouses in Roswell, New Mexico, was destroyed by a fire. Inside the warehouse were various aircraft parts inventory typically sold by the Company as used service material (“USM”). AerSale carries insurance covering this inventory, with a limit of $100 million and a $10,000 deductible and submitted a claim for the replacement value of that parts inventory which was destroyed or rendered not sellable by the fire in the amount of approximately $67 million (the “Claim”). The cost basis of the destroyed parts inventory is $6.0 million; accordingly, since the insurance claim had yet to be paid as of September 30, 2024, the Company recorded an impairment of $6.0 million and a $6.0 million non-trade receivable in the Company’s condensed consolidated balance sheets as of September 30, 2024.

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On December 9, 2024, the Company executed an agreement whereby the insurance carriers agreed to make a good faith payment on the Claim in the amount of $37.0 million (the “Advance”). The final valuation of the Claim is still under review.

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As of the date of this release, the Company received Advance payments totaling approximately $34.6 million. The Company is in active discussions with the insurance carriers in order to provide the additional information needed to receive the outstanding balances. The Company believes it is probable that it will recover additional amounts up to the amount of its Claim, but any remaining payments depend on the final valuation of the insurance carriers.

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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.

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AERSALE CORPORATION

 

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Date: Januery 8, 2025

By:

/s/ James Fry

 

Name:

James Fry

 

Title:

Executive Vice President, General Counsel & Corporate Secretary

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v3.24.4
Document and Entity Information
Jan. 08, 2025
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Jan. 08, 2025
Entity File Number 001-38801
Entity Registrant Name AERSALE CORPORATION
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 84-3976002
Entity Address, Address Line One 9850 NW 41st Street
Entity Address, Adress Line Two Suite 400
Entity Address, City or Town Doral
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33178
City Area Code 305
Local Phone Number 764-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol ASLE
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001754170
Amendment Flag false
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