Sky Harbour Group Corporation (NYSE American: SKYH, SKYH WS) (“SHG” or the “Company”), a leading aviation infrastructure firm developing the first national network of Home-Basing campuses for business aircraft, has successfully completed the initial phase of its planned equity raise. The company issued 3,955,790 PIPE shares of Class A Common Stock, yielding approximately $37.58 million in net proceeds at a net purchase price of $9.50 per share. This represents an increase of $5.7 million, or 603,684 additional shares, from existing and new long-term investors. A second closing, potentially raising an additional $37.58 million, is scheduled for December 20, 2024, with final proceeds subject to exercised rights from the initial phase.
Participants in the financing include previous investors from the Company’s November 2023 PIPE, such as affiliates of Altai Capital, Raga Partners, and Boulderado, the family office of SHG Board member Alex Rozek.
The Company plans to combine the potential proceeds from both closings with available cash and an additional $150 million in private activity debt financing, anticipated for early 2025. Together, this financing—approximately $240 million in total—is intended to support Phase 1 development across six to seven new airport campuses, adding roughly 800,000 rentable square feet to its portfolio, which currently includes one million rentable square feet. Additionally, SHG aims to secure eight more ground leases by the close of 2025, expanding its reach to 22 airports.
Tal Keinan, CEO of Sky Harbour, remarked, “This funding will fuel Sky Harbour’s construction through 2026, by which time cash flow will cover a greater share of our development equity needs. We are pleased to see existing investors deepen their commitment, and we’re excited to welcome new investors whose involvement we anticipate will accelerate our growth.”
Sky Harbour is also set to present at the 2024 LD Micro Main Event XVII at the Luxe Sunset Blvd Hotel in Los Angeles, CA, from October 28-30. The management team will present on Tuesday, October 29, at 3:30-3:55 pm Pacific Time (PT).
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 aviatio
