Sky Harbour Announces Initial Closing of Equity Raise, Upsized by Additional Participation of Existing and New Long-Term Investors
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: SKYH) ha completato la chiusura iniziale della sua raccolta di capitale, emettendo 3.955.790 azioni PIPE di Classe A Common Stock per proventi netti di $37,58 milioni a $9,50 per azione. La raccolta è stata aumentata di $5,7 milioni grazie a ulteriori sottoscrizioni da parte di investitori esistenti e nuovi. Una seconda chiusura fino a $37,58 milioni è programmata per dicembre 2024. Combinato con un finanziamento per attività private di debito pianificato di $150 milioni, i proventi totali di circa $240 milioni supporteranno lo sviluppo della fase 1 di 6-7 nuovi campus aeroportuali, aggiungendo 800.000 piedi quadrati affittabili ai loro già esistenti un milione di piedi quadrati di portafoglio.
Sky Harbour Group (NYSE: SKYH) completó el cierre inicial de su aumento de capital, emitiendo 3.955.790 acciones PIPE de Clase A Common Stock por ingresos netos de $37.58 millones a $9.50 por acción. La recaudación se incrementó en $5.7 millones debido a suscripciones adicionales de inversores existentes y nuevos. Se programó un segundo cierre de hasta $37.58 millones para diciembre de 2024. Combinado con un financiamiento de deuda privada de actividad previsto de $150 millones, los ingresos totales de aproximadamente $240 millones respaldarán el desarrollo de la fase 1 de 6-7 nuevos campus aeroportuarios, agregando 800.000 pies cuadrados alquilables a su cartera existente de un millón de pies cuadrados.
Sky Harbour Group (NYSE: SKYH)는 자본 조달의 초기 마감을 완료하였으며, A 등급 보통주 PIPE 주식 3,955,790주를 발행하여 주당 $37.58 백만의 순수익을 확보하였습니다. 증가는 기존 투자자 및 신규 투자자로부터의 추가 구독으로 인해 $5.7 백만 증가하였습니다. 두 번째 마감은 2024년 12월로 예정되어 있으며, 최대 $37.58 백만입니다. 예정된 $150 백만의 민간 채무 금융과 결합하여 약 $240 백만의 총 수익은 6-7개의 새로운 공항 캠퍼스의 1단계 개발을 지원하고, 기존의 100만 평방피트 포트폴리오에 800,000 평방피트의 임대 가능 공간을 추가할 것입니다.
Sky Harbour Group (NYSE: SKYH) a terminé la clôture initiale de son augmentation de capital, émettant 3 955 790 actions PIPE de Classe A Common Stock pour des produits nets de 37,58 millions de dollars à 9,50 dollars par action. Cette collecte a été augmentée de 5,7 millions de dollars grâce à des souscriptions supplémentaires d'investisseurs existants et nouveaux. Une deuxième clôture allant jusqu'à 37,58 millions de dollars est prévue pour décembre 2024. En combinant avec un financement de dette d'activité privé prévu de 150 millions de dollars, le total des produits d'environ 240 millions de dollars soutiendra le développement de la phase 1 de 6 à 7 nouveaux campus aéroportuaires, ajoutant 800 000 pieds carrés louables à leur portefeuille actuel d'un million de pieds carrés.
Sky Harbour Group (NYSE: SKYH) hat den ersten Abschluss seiner Kapitalerhöhung abgeschlossen und 3.955.790 PIPE-Aktien der Klasse A Common Stock mit einem Nettoerlös von 37,58 Millionen US-Dollar zu einem Preis von 9,50 US-Dollar pro Aktie ausgegeben. Die Erhöhung wurde um 5,7 Millionen US-Dollar aufgrund zusätzlicher Zeichnungen von bestehenden und neuen Investoren aufgestockt. Ein zweiter Abschluss bis zu 37,58 Millionen US-Dollar ist für Dezember 2024 geplant. Zusammen mit einer geplanten privaten Schuldentfinanzierung in Höhe von 150 Millionen US-Dollar werden die Gesamteinnahmen von etwa 240 Millionen US-Dollar die Entwicklung der Phase 1 von 6-7 neuen Flughafen-Campus unterstützen und 800.000 vermietbare Quadratfuß zu ihrem bestehenden Portfolio von einer Million Quadratfuß hinzufügen.
- Successful equity raise with $37.58 million in net proceeds
- Upsized offering indicates strong investor demand
- Planned expansion to add 800,000 rentable square feet across 6-7 new campuses
- Additional $150 million in debt financing expected in H1 2025
- Portfolio expansion to 22 airports planned by end of 2025
- Significant shareholder dilution from PIPE share issuance
- Dependence on future debt financing for growth plans
- Large capital requirements for expansion strategy
Insights
Sky Harbour's successful equity raise demonstrates strong investor confidence, securing
The participation of existing investors like Altai Capital and Raga Partners, along with board member involvement through Boulderado, signals strong internal conviction in the company's growth strategy. The company's projection to expand to 22 airports by 2025 and transition to self-funded growth through cash flow by 2026 presents a clear path to scalability. The
The financing includes participation from investors in the Company’s November 2023 PIPE, including affiliates of Altai Capital and Raga Partners, as well as Boulderado, the family office of SHG Board member Alex Rozek.
The Company plans to leverage the potential proceeds of this PIPE financing from both closings, and other cash on hand, with the previously announced incremental
Tal Keinan, Sky Harbour CEO, commented: “This capital funds Sky Harbour’s construction program through 2026, when cash flow will serve as an increasingly significant portion of the company’s development equity needs. We are very pleased that investors who have already contributed to Sky Harbour’s growth are increasing their positions. We welcome our new investors, and expect their contributions to further steepen our trajectory.”
Sky Harbour is also confirmed to present at the 2024 LD Micro Main Event XVII, which is being held October 28th-30th, at the Luxe Sunset Blvd Hotel in
For additional information, to request an invitation, or to schedule a one-on-one meeting, please email Sky Harbour Investor Relations at investors@skyharbour.group.
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
About Altai Capital
Altai Capital is a technology-focused investment firm founded in 2009 by Rishi Bajaj. Altai Capital makes long-term investments across a diverse range of financial instruments, including debt, private equity, venture capital, and publicly traded securities. To learn more, visit www.altai.com.
About LD Micro
LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Through the LD Micro Index and annual investor conferences, LD has served as an invaluable asset to all those interested in discovering the next generation of great companies. For more information of LD Micro, visit www.ldmicro.com.
Forward Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements about the expectations regarding future operations at Sky Harbour Corporation and its subsidiaries. When used in this press release, the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of Sky Harbour Group Corporation (the “Company”) as applicable and are inherently subject to uncertainties and changes in circumstances. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. For more information about risks facing the Company, see the Company’s annual report on Form 10-K for the year ended December 31, 2023, and other filings the Company makes with the SEC from time to time. The Company’s statements herein speak only as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SKYH Investor Relations:
investors@skyharbour.group
Attn: Francisco X. Gonzalez, CFO
Source: Sky Harbour Group Corporation
FAQ
How much did Sky Harbour Group (SKYH) raise in its initial PIPE offering?
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