Worthington Steel, Inc. - WS 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.

Worthington Steel (NYSE: WS) reported Q2 fiscal 2025 results with net sales of $739.0 million, down 9% from $808.0 million in Q2 2024. The company posted operating income of $18.9 million compared to an $8.8 million loss last year, and net earnings of $12.8 million ($0.25 per share) versus a $6.0 million loss ($0.12 per share) in Q2 2024.

Key highlights include executing an agreement to acquire a controlling stake in Italy-based Sitem Group, which produces electric motor laminations for automotive applications. The company declared a quarterly dividend of $0.16 per share. Volume decreased 5% for direct tons and 1% for toll tons, while direct selling prices dropped 4% compared to the previous year.

Worthington Steel (NYSE: WS) has appointed Scott Kelly to its Board of Directors, expanding the board to 11 members, with eight being independent. Kelly will serve on the Board's Nominating and Governance Committee. Currently serving as senior vice president of operations at NPL Construction Company, a Centuri Group subsidiary, Kelly brings extensive experience in energy infrastructure, utility services, and heavy-duty automotive manufacturing.

Kelly, 59, has held leadership positions at various companies including NiSource, AES Ohio, and Dayton Power & Light Energy Resources. His background includes three decades in infrastructure and utility industries, plus six years in manufacturing leadership at Rockwell International. Kelly holds a bachelor's degree from Carnegie Mellon University and an MBA from Xavier University.

Worthington Steel (NYSE: WS) has announced a quarterly dividend of $0.16 per common share, payable on March 28, 2025, to shareholders of record as of March 14, 2025. The company also scheduled a conference call to discuss its fiscal 2025 second quarter results for December 19, 2024, at 8:30 a.m. ET. The call will be accessible through a live webcast on the company's Investor Relations website and will remain archived for one year.

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.

Athena Technology Acquisition Corp. II has received a delisting notice from NYSE American due to failing to complete a business combination within the required 36-month timeframe following its IPO. Trading of the company's securities has been suspended, including class A common stock, units, and redeemable warrants. The company has until December 17, 2024, to request a review of the delisting determination. While working to complete its announced business combination with Ace Green Recycling, the company plans to seek listing on The Nasdaq Stock Market if delisted from NYSE American.

Worthington Steel (NYSE: WS) has been named to Foundry's Computerworld 2025 Best Places to Work in IT, ranking No. 18 in the midsize organization category. This marks their seventh recognition and first since becoming a standalone public company in December 2023.

The company's IT team played a important role in the successful separation from Worthington Industries, managing infrastructure, end-user systems, business applications, and security. The IT department continues to be vital in mergers and acquisitions, system integration, and driving technological advancement in manufacturing operations.

The team collaborates on analytics, business intelligence, and transformation initiatives, championing new technologies for office automation and shop floor optimization. This recognition highlights Worthington Steel's commitment to challenging their IT staff while providing competitive benefits and compensation.

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.