Sky Harbour Secures $31.8 Million in Equity Financing Push
Sky Harbour Group Corporation’s Major Equity Financing
Sky Harbour Group Corporation (NYSE American: SKYH, SKYH WS) has taken a bold step by entering into a securities purchase agreement that will see the issuance of 3,352,106 PIPE shares of Class A Common Stock. This strategic move is set to net approximately $31.8 million for the company, as it continues to build its innovative network of Home-Basing campuses for business aircraft.
Details of the Equity Offering
The equity offering is particularly appealing, with an initial purchase price of $9.50 per share. The initial closing is projected to happen no earlier than mid-October, with specific timelines and conditions documented in the purchase agreement. Each investor involved is also given the option to buy an additional share of Class A Common Stock for every initial PIPE share purchased.
Second Closing Opportunities
Investors will have until December 4th, 2024, to exercise their options for additional PIPE shares in a second closing, contributing to a potential funding total of around $63 million from this PIPE financing. This could bolster Sky Harbour's financial foundation as they aim to expand their reach significantly within the aviation infrastructure sector.
Funding Utilization Plans
The proceeds from this funding will be pivotal in supporting various projects aimed at enhancing airport campuses. Sky Harbour has set an ambitious goal to fund approximately 800,000 additional rentable square feet at six or seven new airport campuses. This follows the one million rentable square feet that are already funded.
Expectations are high, as the company anticipates announcing several new ground leases by the end of the year. This will elevate their airport portfolio to a remarkable 22 locations, underscoring the company’s rapid expansion strategy.
Investor Confidence and Strategic Guidance
Investor confidence in Sky Harbour is strong. David B. Heller and Atul S. Joshi, Co-CIOs of Raga Partners, expressed satisfaction with their investment, highlighting Sky Harbour's effective strategies and promising growth potential within the lucrative private aviation market. They have noted the impressive management by CEO Tal Keinan, which positions the company for continued success.
CEO's Vision for the Future
Tal Keinan remarked on the strategic contributions of the investor group, acknowledging their valuable input beyond just capital infusion. He described the ongoing investment as crucial for executing the company's business goals up to 2026, a pivotal era for Sky Harbour's growth trajectory.
Sky Harbour's ability to secure high-quality airfields and attract notable tenants has been recognized by Rishi Bajaj, founder of Altai Capital. His support underscores the firm’s confidence in Sky Harbour’s potential to thrive in the specialty real estate market.
Upcoming Investor Conferences
In the coming months, Sky Harbour will present at various investor conferences, including the Sidoti Small Cap Virtual Investor Conference and the Emerging Growth Conference. These events will not only feature presentations but also offer opportunities for one-on-one meetings with investors, signaling open communication pathways interested in the company’s growth initiatives.
Invitations to these conferences are part of the company's commitment to foster investor relations and transparency regarding its ambitious projects.
About Sky Harbour Group Corporation
Sky Harbour Group Corporation focuses on mapping out the future of aviation infrastructure by developing a nationwide network of Home-Basing campuses. With their vision of delivering unparalleled service and infrastructure for private and corporate aviation, Sky Harbour is set to redefine convenience and efficiency within the industry.
Frequently Asked Questions
What is the main focus of Sky Harbour Group Corporation?
Sky Harbour is an aviation infrastructure company specializing in developing Home-Basing campuses to enhance business aviation.
How much has Sky Harbour raised through the recent PIPE offering?
The company has raised approximately $31.8 million through the issuance of Class A Common Stock.
What are the future plans for Sky Harbour’s airport campuses?
Sky Harbour plans to develop around 800,000 additional rentable square feet across six or seven new airport campuses.
When is the initial closing of the PIPE offering expected?
The initial closing is expected to occur between mid-October and late October.
Who are some of the key investors involved?
Key investors include affiliates of Altai Capital and Raga Partners, among others.
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