Item 2.01 Completion of Acquisition or Disposition of Assets

As previously announced, on September 27, 2022, FBO Air-Garden City, Inc., ("FBO GCK") a wholly owned subsidiary of Saker Aviation Services, Inc. (the "Company") entered into a FBO Transfer Agreement (the "Agreement") with Crosby Flying Services, LLC (the "Buyer") pursuant to which FBO GCK agreed (i) to sell to the Buyer substantially all of its assets (the "Assets") and none of its liabilities, and (ii) to a seven year non-competition covenant (the "Non-Compete") whereby the Company, including its subsidiaries and affiliates, will not engage in any business involving the operation of a fixed based operation supplying aviation fuels and lubricants or the supply of other goods or provision of services typically supplied or performed at fixed base operations at airports at any facility located within one hundred (100) miles of the Garden City Regional Airport in Garden City, Kansas (the "Airport"), for $1.6 million.

On October 31, 2022 (the "Closing Date"), FBO GCK closed the sale of the Assets to the Buyer and became subject to the Non-Compete, for an aggregate purchase price of $1.5 million, after certain closing adjustments. The Buyer paid 90% of the purchase price on the Closing Date with the remainder to be paid in cash upon the first anniversary of the Closing Date subject to FBO GCK's and the Company's compliance with the Non-Compete, pursuant to the Agreement. A copy of the Agreement was filed as exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.





(d) Exhibits

Exhibit No. Description



10.1*         FBO Transfer Agreement between FBO Air-Garden City Inc. and Crosby
            Flying Services, LLC dated September 27, 2022, incorporated by reference
            from exhibit 10.1 to the Company's Current Report on Form 8-K filed
            October 3, 2022.
104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document)

* Schedules and similar attachments have been omitted pursuant to Item 601(a)(5)

of Regulation S-K. The Company will furnish a copy of any omitted schedule or

similar attachment to the Securities and Exchange Commission upon request.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses