WEST HARRISON, N.Y., December 23, 2024–(BUSINESS WIRE)–Sky Harbour Group Corporation (NYSE American: SKYH, SKYH WS) (“SHG” or the “Company”), an aviation infrastructure company building the first nationwide network of Home-Basing campuses for business aircraft, announced it has completed the second closing of its previously announced equity raise. The Company issued an additional 3,955,790 PIPE shares of its Class A Common Stock in connection with the exercise of all the rights to purchase additional shares provided to PIPE investors who participated in the first closing for net proceeds of approximately $37.6 million, at a sale price of $9.50 per share. Aggregate proceeds from both closings were approximately $75.2 million, representing the full capacity of the equity raise.
As previously disclosed, the Company plans to issue approximately $150 million in new private activity debt financing in the first half of 2025. The combined proceeds of both financings and existing cash on hand, approximately $240 million, is intended to support phase-1 development projects at 6-7 new airport campuses (approximately 800,000 rentable square feet), beyond the approximately one million rentable square feet already funded. As recently announced, the Company expects seven new ground leases by the end of 2025, which would bring the portfolio to 23 airports.
PIPE Participants included affiliates of Altai Capital and Raga Partners, Boulderado, the family office of SHG Board member Alex Rozek and new long-term investors.
Tal Keinan, Sky Harbour CEO, commented: “Sky Harbour has had the good fortune to attract truly strategic investors to its shareholder community. We are grateful for our new partners, and for existing partners who have increased their stakes in Sky Harbour.”
Francisco Gonzalez, Sky Harbour CFO, commented: “We are pleased to have been oversubscribed in the investor interest of this equity financing. We will continue with our policy of conservative and deliberate management of our liquidity and capital formation.”
Rishi Bajaj, Managing Principal from Altai Capital also commented: “We are excited to be joined by an excellent group of new long-term investors who are equally enthusiastic about Sky Harbour’s progress and future pipeline.”
For additional information, to request an invitation, or to schedule a one-on-one meeting, please email Sky Harbour Investor Relations at [email protected].
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure company developing the first nationwide network of Home-Basing campuses for business aircraft. The company develops, leases and manages general aviation hangars across the United States. Sky Harbour’s Home-Basing offering aims to provide private and corporate customers with the best physical infrastructure in business aviation, coupled with dedicated service tailored to based aircraft, offering the shortest time to wheels-up in business aviation. To learn more, visit www.skyharbour.group.
