AIRT
Air T Inc
stock NASDAQ

https://preview.redd.it/hwejkkbmmesf1.png?width=1024&format=png&auto=webp&s=652f9612d9632b4e7c28f2749d52d9d28d07488c
Welcome back to the Think Tank
this is the PaperHamz post, which our mod Ham was supposed to write ....but he Paper Handed to me!
So we have been digging into warrant dividens because for some reason they seem topical...who knew?
this is an attempt at a case study of what happens between the Warrant Annoucement, and the 8-A which typically comes out on delivery (or the morning before) ). Announcements usually sound simple, but the 8-A often introduces hidden clauses—like acceleration triggers, odd exercisability windows, or settlement caveats—that change the economics and hedging flows completely.
Here’s a consolidated review of \~20 warrant dividend precedents (ENVX, MPTI, OXY, SAVA, DSX, LGL, DNMR, GBUX, FNGR, BBBY, HLF, NBR, TGI, NHLD, FPP, WM, AR Capital SPAC, SQFT, ASPS, AIRT, LCAP, CSSE). Each case shows: (1) what the announcement told the market, (2) what the 8-A or docs actually added, and (3) the resulting market/hedging impact.
1. **Announcement** — what the company told the market
2. **What the 8-A revealed** — what the filing actually added
3. **Impact** — how it changed valuation, hedging flows, and market behavior
This should give everyone a framework for what to watch for in GameStop’s upcoming 8-A on **Oct 7, 2025**.
# ENVX (Enovix, 2025)
**Announcement (Jul 7, 2025):** 1 warrant per 7 shares; $8.75 strike; expiration framed as 2026.
**What the 8-A revealed (Jul 18, 2025):** The initial Form 8-A and Warrant Agreement introduced a VWAP-based acceleration feature, giving the company the right to set an Alternate Expiration Date once price conditions were triggered.
**Amended 8-A (Jul 21, 2025):** The amendment locked in the record date (Jul 17, 2025) and clarified the distribution date (on or about Jul 21, 2025). It also restated the acceleration mechanics, leaving no doubt that if the VWAP trigger hit, the company could cut off a year of time value.
**Impact:**
* Initial reaction (post-announcement): Retail treated this as “free long-dated upside,” and the warrants were mentally priced like a one-year+ call option.
* After the 8-A filings: Once the acceleration clause became clear, valuation collapsed. Instead of having 12+ months of optionality, the warrants could vanish in weeks.
* Market maker hedging: MMs who had bought stock to hedge the positive delta of newly issued warrants had to unwind quickly as delta assumptions collapsed.
* Result: Heavy forced selling of stock, sharp volatility, and a steep decline in warrant-implied value. The “time premium rug pull” from the 8-A amendment is what triggered the August 29, 2025 early expiry and corresponding hedge unwind wave.
https://preview.redd.it/1aw0nljtmesf1.png?width=1080&format=png&auto=webp&s=98d915bb7c2306be186157f8ad68867a1c5dadc1
# MPTI (M-TRON, 2025)
**Announcement:** Warrant dividend seemed straightforward.
**What the 8-A revealed:** The Form 8-A showed an unusual 5-for-1 structure: 5 warrants required for 1 share at $47.50. Exercisability was limited to the final 30 days before expiry OR a short 30-day window after a VWAP ≥ $52 for 30 days. It also specified cash-only exercise and a prospectus-lapse clause where the company wasn’t obligated to cash-settle.
**Impact:** Optionality was far less valuable than the PR suggested. Delta stayed low most of the time, meaning hedging flows were muted—until sudden bursts near trigger conditions. Many retail holders misunderstood and overvalued the warrants at issue.
https://preview.redd.it/va5uza1vmesf1.png?width=1080&format=png&auto=webp&s=3343ba45d84b16edffe3cdc5825e4535303deb6d
# OXY (Occidental Petroleum, 2020)
**Announcement:** 1/8 warrant per share; $22 strike; 7-year term; presented as long-dated upside.
**What the 8-A revealed:** The Form 8-A confirmed plain-vanilla terms consistent with the press release, with no hidden acceleration or redemption rights.
**Impact:** Because the 8-A didn’t change expectations, hedging was steady and predictable for years. Only later (in 2025) did a separate strike-reset corporate action drive a major wave of exercises and hedge unwinds.
# SAVA (Cassava Sciences, 2023–24)
**Announcement (Dec 20, 2023):** 4 warrants per 10 shares distributed. This was presented as a generous bonus-style dividend, framing it as straightforward upside.
**What the 8-A revealed (Jan 2–3, 2024):** The Form 8-A and subsequent amendment disclosed **fractional/bonus mechanics**, rules for **settlement and transferability**, and language that warrants could expire worthless if prospectus requirements weren’t met. Fractional warrants were rounded down, and “bonus” fractions created odd distribution math.
**Impact:** Many retail traders valued this as “4/10ths of a free call option,” but the real economics were more limited. Sophisticated holders immediately priced in rounding losses, settlement risk, and the need for active prospectus maintenance. Result: retail tended to overestimate, while institutions priced correctly, leading to frustration once warrant pricing diverged from headline expectations.
# DSX (Diana Shipping, 2023)
**Announcement (Nov 15, 2023):** Pro-rata warrant dividend with a planned NYSE listing, making it appear clean and liquid.
**What the 8-A revealed (Dec 13, 2023):** The Form 8-A filled in **procedural details**: exact math for entitlements, treatment of fractional warrants, listing mechanics, and rounding. The filing hit at **09:29 ET**, right before the market opened.
**Impact:** Because there were no hidden acceleration or trigger clauses, the market reaction was muted. The main “signal” came from timing — the pre-open drop confirmed to desks that hedging could begin immediately. Warrants traded smoothly after listing, showing the pattern that when 8-As match PR language, surprises (and volatility) are minimal.
# LGL (The LGL Group, 2020)
**Announcement (Nov 2020):** 1 warrant per share distributed, marketed as a shareholder reward.
**What the 8-A revealed (Nov 12, 2020):** Instead of plain-vanilla, the filing showed a highly unusual structure: **5 warrants required to buy 1 share at strike**, exercisable only after certain **VWAP triggers**, with **cash-only exercise** and clauses that allowed the company to avoid settlement if a current prospectus wasn’t available.
**Impact:** The optionality was far less valuable than the press release suggested. Many of these warrants **expired worthless**, and the market quickly repriced them at pennies on the dollar. Hedging remained muted most of the time because deltas stayed close to zero, except in brief windows when VWAP triggers looked like they might hit. Retail overvalued at issue, but sophisticated holders marked them down immediately.
# DNMR (Danimer Scientific, 2024)
**Announcement (Jul 2024):** Dividend warrants with OTCQX listing; framed as a creative way to reward holders.
**What the 8-A revealed:** The filing introduced **bonus fractions**, **rounding quirks**, and an unusual **bond-for-exercise settlement path**, where warrants could be satisfied through specific capital-structure adjustments rather than straightforward share issuance. Liquidity was confined to thin OTC markets.
**Impact:** The optionality was structurally tied to DNMR’s balance sheet rather than a pure equity call. Market makers had trouble hedging in size, since OTC liquidity was shallow and hedges couldn’t be cleanly executed via listed options. As a result, **capital structure risk** and liquidity scarcity dominated valuation, more than the Black–Scholes math.
# GBUX (GivBux, 2025)
**Announcement:** 1-for-10 at \~$4 strike.
**What the 8-A revealed:** Standard mechanics plus eligibility and transferability details.
**Impact:** Micro-cap liquidity/borrow constraints dominated hedging.
# FNGR (FingerMotion, 2025 prelim.)
**Announcement:** Preliminary board approval of warrant dividend.
**What the 8-A revealed:** Not yet filed.
**Impact:** Impossible to price or hedge until filing drops.
# BBBY (Bed Bath & Beyond, 2025)
**Announcement:** 1-for-10, \~1-year term.
**What the 8-A revealed:** Pending — expected to show redemption/cashless provisions.
**Impact:** Final economics TBD until 8-A arrives.
# HLF (Herbalife, 2020)
**Announcement:** 1-for-4, $67.50 strike, 7-year European-style.
**What the 8-A revealed:** Explicitly locked in European-style (exercise only at expiry).
**Impact:** Near-term delta negligible, hedging minimal until expiry.
# NBR (Nabors Industries, 2021)
**Announcement:** 0.4 warrants per share; $166 strike.
**What the 8-A revealed:** Confirmed high-strike structure with anti-dilution clauses.
**Impact:** Delta effectively zero unless dramatic price move.
# TGI (Triumph Group, 2022)
**Announcement:** 3-for-10; $12.35 strike; 1-year term.
**What the 8-A revealed:** VWAP acceleration + bond-for-exercise option.
**Impact:** Settlement path complicated; hedging tied to capital structure.
# NHLD (National Holdings, 2017)
**Announcement:** Merger-related warrant dividend.
**What the 8-A revealed:** Ratios and eligibility embedded in merger docs.
**Impact:** Valuation/hedging tied to merger milestones.
# FPP (FieldPoint Petroleum, 2012)
**Announcement:** Warrant dividend with reset record date.
**What the 8-A revealed:** Reset eligibility rules; revised settlement mechanics.
**Impact:** Created surprises for holders; very thin liquidity.
# WM (Wallbridge Mining, 2010)
**Announcement:** Spin-out warrant dividend.
**What the 8-A revealed:** Spin mechanics and extended record dates.
**Impact:** Fractional spin math drove pricing; hedging structural/arbitrage.
# AR Capital / Axar SPAC, 2016
**Announcement:** SPAC warrant dividend.
**What the 8-A revealed:** Eligibility and timing tied to SPAC merger docs.
**Impact:** Hedging dictated by SPAC timeline.
# SQFT (Presidio Property Trust, 2022)
**Announcement:** Pro-rata, $7 strike, 5-year term.
**What the 8-A revealed:** Transferability and agent procedures.
**Impact:** Micro-cap liquidity dominated.
# ASPS (Altisource, 2025 proposed)
**Announcement:** Proposed warrant distribution.
**What the 8-A revealed:** Not yet filed.
**Impact:** Market can’t price until 8-A shows mechanics.
# AIRT (Air T, Inc., 2019)
**Announcement:** Preferred + warrant distribution.
**What the 8-A revealed:** Priority mechanics, convertibility rules.
**Impact:** Hedging tied to capital stack.
# LCAP (Lionheart SPAC, 2022)
**Announcement:** SPAC distribution of new warrants.
**What the 8-A revealed:** Eligibility and timing via merger filings.
**Impact:** Hedging followed SPAC close/redemptions.
# CSSE (Chicken Soup, 2022)
**Announcement:** Financing-linked warrant dividend.
**What the 8-A revealed:** Priority and conversion mechanics.
**Impact:** Value tied to financing terms; hedging sporadic.
# When to Expect GME’s 8-A Filing (Oct 7, 2025)
Here are **Accepted timestamps** from the SEC’s EDGAR system for recent warrant-dividend Form 8-A filings:
**ENVX (Enovix, 2025):** Jul 18, 2025 at **08:56 ET- Delivery Date**
**MPTI (M-tron, 2025):** Apr 29, 2025 at **08:54 ET- Delivery Date**
**OXY (Occidental, 2020):** Jul 27, 2020 at **08:47 ET- Delivery Date**
We should see GME 8-A on its delivery Date, which is 10/7....which is Tuesday Morning
https://preview.redd.it/83pj32bymesf1.png?width=320&format=png&auto=webp&s=3f2d65b174ecf3ff47bbce8d8c89136006ed140f
# TL;DR
Across 20+ precedents, **8-A filings consistently added terms that weren’t in the press release**:
* Acceleration/issuer call rights → pulled hedge flows forward
* Trigger-based exercisability → kept delta low until specific events
* Settlement mechanics → cash-only, cashless, or prospectus-lapse caveats decide if holders realize value
* Fractional/bonus rules → who actually gets value can shift
👉 For GameStop’s Oct 7, 2025 8-A:
* If it’s plain vanilla → expect warrants to trade like long-dated calls with hedge demand ramping as delta rises
* If it hides clauses → expect earlier and sharper volatility when hedges unwind
[Warrant Data](https://preview.redd.it/zvlr2snnnesf1.png?width=1655&format=png&auto=webp&s=ba732f84d9daa71de07caad6b959556b7eea93fe)
IF anyone has other examples pass them along!!!
Oh I almost FORGOT......HAMZ SUCKS
https://preview.redd.it/1ge08b9snesf1.png?width=425&format=png&auto=webp&s=1a3f28459e17050e98cf3e6091f59e4e2524f0ba

https://preview.redd.it/hwejkkbmmesf1.png?width=1024&format=png&auto=webp&s=652f9612d9632b4e7c28f2749d52d9d28d07488c
Welcome back to the Think Tank
this is the PaperHamz post, which our mod Ham was supposed to write ....but he Paper Handed to me!
So we have been digging into warrant dividens because for some reason they seem topical...who knew?
this is an attempt at a case study of what happens between the Warrant Annoucement, and the 8-A which typically comes out on delivery (or the morning before) ). Announcements usually sound simple, but the 8-A often introduces hidden clauses—like acceleration triggers, odd exercisability windows, or settlement caveats—that change the economics and hedging flows completely.
Here’s a consolidated review of \~20 warrant dividend precedents (ENVX, MPTI, OXY, SAVA, DSX, LGL, DNMR, GBUX, FNGR, BBBY, HLF, NBR, TGI, NHLD, FPP, WM, AR Capital SPAC, SQFT, ASPS, AIRT, LCAP, CSSE). Each case shows: (1) what the announcement told the market, (2) what the 8-A or docs actually added, and (3) the resulting market/hedging impact.
1. **Announcement** — what the company told the market
2. **What the 8-A revealed** — what the filing actually added
3. **Impact** — how it changed valuation, hedging flows, and market behavior
This should give everyone a framework for what to watch for in GameStop’s upcoming 8-A on **Oct 7, 2025**.
# ENVX (Enovix, 2025)
**Announcement (Jul 7, 2025):** 1 warrant per 7 shares; $8.75 strike; expiration framed as 2026.
**What the 8-A revealed (Jul 18, 2025):** The initial Form 8-A and Warrant Agreement introduced a VWAP-based acceleration feature, giving the company the right to set an Alternate Expiration Date once price conditions were triggered.
**Amended 8-A (Jul 21, 2025):** The amendment locked in the record date (Jul 17, 2025) and clarified the distribution date (on or about Jul 21, 2025). It also restated the acceleration mechanics, leaving no doubt that if the VWAP trigger hit, the company could cut off a year of time value.
**Impact:**
* Initial reaction (post-announcement): Retail treated this as “free long-dated upside,” and the warrants were mentally priced like a one-year+ call option.
* After the 8-A filings: Once the acceleration clause became clear, valuation collapsed. Instead of having 12+ months of optionality, the warrants could vanish in weeks.
* Market maker hedging: MMs who had bought stock to hedge the positive delta of newly issued warrants had to unwind quickly as delta assumptions collapsed.
* Result: Heavy forced selling of stock, sharp volatility, and a steep decline in warrant-implied value. The “time premium rug pull” from the 8-A amendment is what triggered the August 29, 2025 early expiry and corresponding hedge unwind wave.
https://preview.redd.it/1aw0nljtmesf1.png?width=1080&format=png&auto=webp&s=98d915bb7c2306be186157f8ad68867a1c5dadc1
# MPTI (M-TRON, 2025)
**Announcement:** Warrant dividend seemed straightforward.
**What the 8-A revealed:** The Form 8-A showed an unusual 5-for-1 structure: 5 warrants required for 1 share at $47.50. Exercisability was limited to the final 30 days before expiry OR a short 30-day window after a VWAP ≥ $52 for 30 days. It also specified cash-only exercise and a prospectus-lapse clause where the company wasn’t obligated to cash-settle.
**Impact:** Optionality was far less valuable than the PR suggested. Delta stayed low most of the time, meaning hedging flows were muted—until sudden bursts near trigger conditions. Many retail holders misunderstood and overvalued the warrants at issue.
https://preview.redd.it/va5uza1vmesf1.png?width=1080&format=png&auto=webp&s=3343ba45d84b16edffe3cdc5825e4535303deb6d
# OXY (Occidental Petroleum, 2020)
**Announcement:** 1/8 warrant per share; $22 strike; 7-year term; presented as long-dated upside.
**What the 8-A revealed:** The Form 8-A confirmed plain-vanilla terms consistent with the press release, with no hidden acceleration or redemption rights.
**Impact:** Because the 8-A didn’t change expectations, hedging was steady and predictable for years. Only later (in 2025) did a separate strike-reset corporate action drive a major wave of exercises and hedge unwinds.
# SAVA (Cassava Sciences, 2023–24)
**Announcement (Dec 20, 2023):** 4 warrants per 10 shares distributed. This was presented as a generous bonus-style dividend, framing it as straightforward upside.
**What the 8-A revealed (Jan 2–3, 2024):** The Form 8-A and subsequent amendment disclosed **fractional/bonus mechanics**, rules for **settlement and transferability**, and language that warrants could expire worthless if prospectus requirements weren’t met. Fractional warrants were rounded down, and “bonus” fractions created odd distribution math.
**Impact:** Many retail traders valued this as “4/10ths of a free call option,” but the real economics were more limited. Sophisticated holders immediately priced in rounding losses, settlement risk, and the need for active prospectus maintenance. Result: retail tended to overestimate, while institutions priced correctly, leading to frustration once warrant pricing diverged from headline expectations.
# DSX (Diana Shipping, 2023)
**Announcement (Nov 15, 2023):** Pro-rata warrant dividend with a planned NYSE listing, making it appear clean and liquid.
**What the 8-A revealed (Dec 13, 2023):** The Form 8-A filled in **procedural details**: exact math for entitlements, treatment of fractional warrants, listing mechanics, and rounding. The filing hit at **09:29 ET**, right before the market opened.
**Impact:** Because there were no hidden acceleration or trigger clauses, the market reaction was muted. The main “signal” came from timing — the pre-open drop confirmed to desks that hedging could begin immediately. Warrants traded smoothly after listing, showing the pattern that when 8-As match PR language, surprises (and volatility) are minimal.
# LGL (The LGL Group, 2020)
**Announcement (Nov 2020):** 1 warrant per share distributed, marketed as a shareholder reward.
**What the 8-A revealed (Nov 12, 2020):** Instead of plain-vanilla, the filing showed a highly unusual structure: **5 warrants required to buy 1 share at strike**, exercisable only after certain **VWAP triggers**, with **cash-only exercise** and clauses that allowed the company to avoid settlement if a current prospectus wasn’t available.
**Impact:** The optionality was far less valuable than the press release suggested. Many of these warrants **expired worthless**, and the market quickly repriced them at pennies on the dollar. Hedging remained muted most of the time because deltas stayed close to zero, except in brief windows when VWAP triggers looked like they might hit. Retail overvalued at issue, but sophisticated holders marked them down immediately.
# DNMR (Danimer Scientific, 2024)
**Announcement (Jul 2024):** Dividend warrants with OTCQX listing; framed as a creative way to reward holders.
**What the 8-A revealed:** The filing introduced **bonus fractions**, **rounding quirks**, and an unusual **bond-for-exercise settlement path**, where warrants could be satisfied through specific capital-structure adjustments rather than straightforward share issuance. Liquidity was confined to thin OTC markets.
**Impact:** The optionality was structurally tied to DNMR’s balance sheet rather than a pure equity call. Market makers had trouble hedging in size, since OTC liquidity was shallow and hedges couldn’t be cleanly executed via listed options. As a result, **capital structure risk** and liquidity scarcity dominated valuation, more than the Black–Scholes math.
# GBUX (GivBux, 2025)
**Announcement:** 1-for-10 at \~$4 strike.
**What the 8-A revealed:** Standard mechanics plus eligibility and transferability details.
**Impact:** Micro-cap liquidity/borrow constraints dominated hedging.
# FNGR (FingerMotion, 2025 prelim.)
**Announcement:** Preliminary board approval of warrant dividend.
**What the 8-A revealed:** Not yet filed.
**Impact:** Impossible to price or hedge until filing drops.
# BBBY (Bed Bath & Beyond, 2025)
**Announcement:** 1-for-10, \~1-year term.
**What the 8-A revealed:** Pending — expected to show redemption/cashless provisions.
**Impact:** Final economics TBD until 8-A arrives.
# HLF (Herbalife, 2020)
**Announcement:** 1-for-4, $67.50 strike, 7-year European-style.
**What the 8-A revealed:** Explicitly locked in European-style (exercise only at expiry).
**Impact:** Near-term delta negligible, hedging minimal until expiry.
# NBR (Nabors Industries, 2021)
**Announcement:** 0.4 warrants per share; $166 strike.
**What the 8-A revealed:** Confirmed high-strike structure with anti-dilution clauses.
**Impact:** Delta effectively zero unless dramatic price move.
# TGI (Triumph Group, 2022)
**Announcement:** 3-for-10; $12.35 strike; 1-year term.
**What the 8-A revealed:** VWAP acceleration + bond-for-exercise option.
**Impact:** Settlement path complicated; hedging tied to capital structure.
# NHLD (National Holdings, 2017)
**Announcement:** Merger-related warrant dividend.
**What the 8-A revealed:** Ratios and eligibility embedded in merger docs.
**Impact:** Valuation/hedging tied to merger milestones.
# FPP (FieldPoint Petroleum, 2012)
**Announcement:** Warrant dividend with reset record date.
**What the 8-A revealed:** Reset eligibility rules; revised settlement mechanics.
**Impact:** Created surprises for holders; very thin liquidity.
# WM (Wallbridge Mining, 2010)
**Announcement:** Spin-out warrant dividend.
**What the 8-A revealed:** Spin mechanics and extended record dates.
**Impact:** Fractional spin math drove pricing; hedging structural/arbitrage.
# AR Capital / Axar SPAC, 2016
**Announcement:** SPAC warrant dividend.
**What the 8-A revealed:** Eligibility and timing tied to SPAC merger docs.
**Impact:** Hedging dictated by SPAC timeline.
# SQFT (Presidio Property Trust, 2022)
**Announcement:** Pro-rata, $7 strike, 5-year term.
**What the 8-A revealed:** Transferability and agent procedures.
**Impact:** Micro-cap liquidity dominated.
# ASPS (Altisource, 2025 proposed)
**Announcement:** Proposed warrant distribution.
**What the 8-A revealed:** Not yet filed.
**Impact:** Market can’t price until 8-A shows mechanics.
# AIRT (Air T, Inc., 2019)
**Announcement:** Preferred + warrant distribution.
**What the 8-A revealed:** Priority mechanics, convertibility rules.
**Impact:** Hedging tied to capital stack.
# LCAP (Lionheart SPAC, 2022)
**Announcement:** SPAC distribution of new warrants.
**What the 8-A revealed:** Eligibility and timing via merger filings.
**Impact:** Hedging followed SPAC close/redemptions.
# CSSE (Chicken Soup, 2022)
**Announcement:** Financing-linked warrant dividend.
**What the 8-A revealed:** Priority and conversion mechanics.
**Impact:** Value tied to financing terms; hedging sporadic.
# When to Expect GME’s 8-A Filing (Oct 7, 2025)
Here are **Accepted timestamps** from the SEC’s EDGAR system for recent warrant-dividend Form 8-A filings:
**ENVX (Enovix, 2025):** Jul 18, 2025 at **08:56 ET- Delivery Date**
**MPTI (M-tron, 2025):** Apr 29, 2025 at **08:54 ET- Delivery Date**
**OXY (Occidental, 2020):** Jul 27, 2020 at **08:47 ET- Delivery Date**
We should see GME 8-A on its delivery Date, which is 10/7....which is Tuesday Morning
https://preview.redd.it/83pj32bymesf1.png?width=320&format=png&auto=webp&s=3f2d65b174ecf3ff47bbce8d8c89136006ed140f
# TL;DR
Across 20+ precedents, **8-A filings consistently added terms that weren’t in the press release**:
* Acceleration/issuer call rights → pulled hedge flows forward
* Trigger-based exercisability → kept delta low until specific events
* Settlement mechanics → cash-only, cashless, or prospectus-lapse caveats decide if holders realize value
* Fractional/bonus rules → who actually gets value can shift
👉 For GameStop’s Oct 7, 2025 8-A:
* If it’s plain vanilla → expect warrants to trade like long-dated calls with hedge demand ramping as delta rises
* If it hides clauses → expect earlier and sharper volatility when hedges unwind
[Warrant Data](https://preview.redd.it/zvlr2snnnesf1.png?width=1655&format=png&auto=webp&s=ba732f84d9daa71de07caad6b959556b7eea93fe)
IF anyone has other examples pass them along!!!
Oh I almost FORGOT......HAMZ SUCKS
https://preview.redd.it/1ge08b9snesf1.png?width=425&format=png&auto=webp&s=1a3f28459e17050e98cf3e6091f59e4e2524f0ba