Sky Harbour Group Corporation - SKYH STOCK NEWS

Sky Harbour Group (NYSE American: SKYH), an aviation infrastructure company, announced the completion of the second closing of its equity raise.

The company issued an additional 3,955,790 PIPE shares of its Class A Common Stock, generating net proceeds of approximately $37.6 million at a sale price of $9.50 per share. Aggregate proceeds from both closings totaled around $75.2 million. The company plans to issue approximately $150 million in new private activity debt financing in the first half of 2025. Combined proceeds from both financings and existing cash on hand, approximately $240 million, will support phase-1 development projects at 6-7 new airport campuses, adding about 800,000 rentable square feet.

Sky Harbour expects to secure seven new ground leases by the end of 2025, expanding its portfolio to 23 airports. Notable participants in the equity raise included affiliates of Altai Capital and Raga Partners, Boulderado, and new long-term investors. The company expressed gratitude for the strategic investors and emphasized its commitment to conservative liquidity and capital management.

Sky Harbour Group (NYSE: SKYH) has signed a lease agreement with Mercer County to develop a new Sky Harbour Home Base campus at Trenton-Mercer Airport (TTN). The development, planned on approximately 10 acres, is expected to generate hundreds of local jobs and economic benefits for Mercer County. The facility will include state-of-the-art hangars for business jets, dedicated line services, office space, operational infrastructure, and parking facilities.

TTN becomes Sky Harbour's fourth airport serving the New York Metro area, joining a network of operational campuses in Houston, Nashville, Miami, San Jose, and Camarillo, along with multiple locations under development. The strategic location will serve Southern New Jersey and the New York and Philadelphia metro markets.

Sky Harbour Group (SKYH) announced its approval for uplisting from NYSE American to the New York Stock Exchange (NYSE). Trading of the company's common stock and warrants will cease on NYSE American after market close on January 24, 2025, and begin on NYSE on January 27, 2025, maintaining the symbols 'SKYH' and 'SKYH WS'.

The aviation infrastructure company, which builds nationwide home-basing campuses for business aircraft, has been listed on NYSE American since early 2022. The uplisting is expected to enhance visibility, expand investor base, and increase liquidity for public stockholders.

Sky Harbour Group (NYSE American: SKYH, SKYH WS) announced the acquisition of CloudNine at Camarillo Airport, serving Greater Los Angeles. The acquisition includes a 120,000 sq. ft. hangar and office complex, and Sky 805, which holds ground leases and fixed-based operator rights. The transaction, valued at $31 million, was primarily used to settle existing debt obligations at a 10% discount. The rebranded CloudNine will function as a Sky Harbour Home-Basing campus, while Sky 805 will continue operating Channel Islands Aviation FBO. This acquisition adds to Sky Harbour's network of campuses in Houston, Nashville, Miami, and San Jose, and those under development in several other cities. CEO Tal Keinan highlighted the strategic importance of the acquisition, citing the Los Angeles Metro as a top business aviation market. CFO Francisco X Gonzalez noted the acquisition's immediate positive impact on operating cash flow and earnings, with significant future upside potential.

Sky Harbour Group (SKYH) reported strong Q3 2024 results with consolidated revenues up 64% year-over-year and 13% quarter-over-quarter. The company maintains strong liquidity with $110 million in cash and US Treasuries, plus an additional $38 million from recent PIPE equity placement. Operating metrics show annualized revenue of $40.36 per leased square foot at four operating campuses, exceeding projections by 37%. The company is expanding its nationwide network with three new campuses opening in Q1 2025 and has raised its guidance to nine additional ground leases by December 2025. A recent PIPE financing and planned debt issuance will provide approximately $240 million to support development of 6-7 new airport campuses.

Sky Harbour Group (NYSE: SKYH) announced it will release its Third Quarter 2024 financial results after market close on Tuesday, November 12, 2024. The company will host an investor webcast at 5:00 pm ET the same day to review quarterly financial results and provide a business update. The event will include a Q&A session with management and is open to the public. The webcast will be available through the company's investor relations website, with a replay available afterward.

Sky Harbour Group (NYSE: SKYH) completed the initial closing of its equity raise, issuing 3,955,790 PIPE shares of Class A Common Stock for net proceeds of $37.58 million at $9.50 per share. The raise was upsized by $5.7 million due to additional subscriptions from existing and new investors. A second closing of up to $37.58 million is scheduled for December 2024. Combined with a planned $150 million private activity debt financing, the total proceeds of approximately $240 million will support phase 1 development of 6-7 new airport campuses, adding 800,000 rentable square feet to their existing one million square feet portfolio.

Sky Harbour Group (NYSE American: SKYH) has announced a $31.8 million equity raise through a securities purchase agreement, issuing 3,352,106 PIPE shares of Class A Common Stock at $9.50 per share. The initial closing is expected between October 15-25, 2024. Investors have the option to purchase additional shares at the same price, potentially doubling the proceeds to $63 million.

Combined with a previously announced $150 million private activity debt financing, Sky Harbour aims to secure approximately $240 million to fund its growth plan through 2026. This will support the development of 6-7 new airport campuses, adding about 800,000 rentable square feet to its portfolio. The company forecasts announcing eight new ground leases by the end of 2025, expanding its presence to 22 airports.

Sky Harbour Group (NYSE American: SKYH), an aviation infrastructure company, is set to present at the 2024 Annual Gateway Conference on September 4th at 1:30 pm PT in San Francisco. The presentation will be webcast live and available for replay. SHG is building the first nationwide network of Home-Basing campuses for business aircraft.

Key points:

• Presentation date: September 4, 2024
• Time: 1:30 pm Pacific Time
• Location: Four Seasons Hotel, San Francisco, CA
• Webcast link: https://wsw.com/webcast/gateway2/skyh/
• One-on-one meetings available with executives

For additional information or to schedule meetings, interested parties can email conference@gateway-grp.com.