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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
September 8, 2023
AIR INDUSTRIES GROUP
(Exact Name of Registrant as Specified in its Charter)
Nevada |
|
001-35927 |
|
80-0948413 |
State of Incorporation |
|
Commission File Number |
|
IRS Employer I.D. Number |
1460 Fifth Avenue, Bay Shore, New York 11706
(Address of Principal Executive Offices)
Registrant’s telephone number: (631) 968-5000
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, par value $0.001 |
|
AIRI |
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NYSE American |
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).
Emerging growth company ☐
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. ☐
Item 7.01 Regulation FD Disclosure
On September 8, 2023, Air Industries Group issued
a press release announcing that it had added arresting gear welding capability to support the U. S. Navy’s E-2D aircraft program.
As stated in the press release, Air Industries, in conjunction with a major OEM customer, has secured the welding equipment, related tooling
and peripheral equipment used to weld the arresting gear that secures the E-2D aircraft’s tail hook, which is essential for landing
on aircraft carriers. The machinery acquired is the only equipment currently certified to weld the E-2D’s arresting gear.
The information 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 Air Industries 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.
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: September 8, 2023
|
AIR INDUSTRIES GROUP |
|
|
|
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By: |
/s/ Michael Recca |
|
|
Michael Recca |
|
|
Chief Financial Officer |
2
Exhibit 99.1
September 8, 2023 08:30 AM Eastern Daylight Time
Air Industries Group Adds Important Arresting
Gear Welding
Capability to Support U.S. Navy E-2D Aircraft Program
Becomes Sole Provider of Mission-Critical
Welding Process
Bay Shore, N.Y.--(BUSINESS WIRE)--Air Industries Group (NYSE American:
AIRI) today announced that, in conjunction with a major OEM customer, it has secured the welding equipment, related tooling and peripheral
equipment used to weld the arresting gear that secures the E-2D aircraft’s tail hook, which is essential for landing on aircraft
carriers. The Company noted that this machinery is the only equipment currently certified to weld the arresting gear.
The equipment is being installed at Air Industries’ Sterling
Engineering facility in Connecticut.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “With
the addition of the arresting gear welding equipment, Air Industries will become the sole provider in our industry of a mission-critical
welding process for the E-2D platform. This action will not only secure our position as a key supplier to a major aircraft program, but
will also form the basis for an expanding portfolio of special processes to include welding capabilities.”
The E-2D Advanced Hawkeye is a carrier-based, battle-management aircraft,
the “digital quarterback,” managing the airspace and keeping carrier battle groups out of harm’s way. It is the cornerstone
of the U.S. Navy theater air and missile defense architecture in the littorals, overland and open sea operations. The E-2D aircraft is
still in production, and approximately 65 E-2Ds are active in the fleet, which is forecast to expand by more than 40% to 93 aircraft in
2027.
Mr. Melluzzo added, “The importance of the E-2D to our nation’s
defense posture – and to Air Industries’ growth – cannot be over-stated. For many years, our Company has supplied landing
gear, arresting gear, hooks, and other products for this platform. Our E-2D product backlog is close to $20 million, or 29% of our total
backlog. Also, many of the products we manufacture for this aircraft besides the full landing gear are ‘consumables’ that
must be regularly replaced based on usage. The welding equipment enhances our partnership with the manufacturer, and with after-market
suppliers supporting the E-2D program.”
Mr. Melluzzo also noted, “Welding complements the vertical
integration of other processes such as painting, which Air Industries has recently brought in-house, in a strategy designed to shorten
production times and reduce costs.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (NYSE American: AIRI) is
an integrated manufacturer of precision assemblies and components for leading aerospace and defense prime contractors and original equipment
manufacturers. The Company is a Tier 1 supplier to aircraft Original Equipment Manufacturers, a Tier 2 subcontractor to major Tier 1 manufacturers,
and a Prime Contractor to the U.S. Department of Defense, and is highly regarded for its expertise in designing and manufacturing parts
and assemblies that are vital for flight safety and performance.
Additional information about the Company can be found in its filings
with the SEC.
Forward Looking Statements
Certain matters discussed in this press release
are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation
Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, future revenues, earnings and Adjusted
EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are
examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including,
but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results
from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other
factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time
to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially
different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press
release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact Information
Air Industries Group
Investor Relations
631.328.7078
ir@airindustriesgroup.com
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Grafico Azioni Air Industries (AMEX:AIRI)
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Da Apr 2024 a Mag 2024
Grafico Azioni Air Industries (AMEX:AIRI)
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