![\"\"](\"\/wp-content\/uploads\/Sky-Harbour-Hanger-in-Houston-Texas2edit.jpg\")
Sky Harbour addresses the general\nand pervasive deficit in business aviation hangar infrastructure across much of\nthe United States. The company develops campuses of business aviation hangars,\nleases them to corporate, private and government flight departments on a\nlong-term basis, and manages the campuses, providing essential services to its\ntenants. <\/p>\n\n\n\n
Boston Omaha, through one of its\nsubsidiaries, has agreed to provide $55 million of financing in support of the\ntransaction, which will be funded prior to the closing of the business\ncombination, assuming SHG successfully raises at least $80 million in a private\nactivity bond offering. This additional equity investment will initially be\ndirectly into SHG, and upon the successful consummation of the business\ncombination will convert into 5,500,000 shares of the post-combination public\ncompany\u2019s Class A common stock, at a price of $10 per share. In the event the\nbusiness combination is not consummated, Boston Omaha\u2019s investment will remain\nas Series B Preferred units of SHG. In addition, the parties will seek to raise\nadditional funding to support the business combination through a private\nplacement investment (\u201cPIPE\u201d) to be consummated at the closing of the\ntransaction of $100 million. In addition to the $138 million raised in\nYellowstone\u2019s initial public offering and held in trust and the $55 million financing,\nBoston Omaha has agreed to provide to SHG a backstop valued at up to an\nadditional $45 million through the purchase of additional shares of Yellowstone\nClass A common stock at a price of $10 per share if needed to meet the minimum\ninvestment condition of $150 million in cash and securities to SHG at the\nclosing. <\/p>\n\n\n\n
\u201cSky Harbour is pleased to be\nentering into this partnership with Yellowstone and the Boston Omaha team to\ncapitalize on the strategic progress the company has made in the last twelve\nmonths. Adam Peterson\u2019s and Alex Rozek\u2019s experience in the infrastructure\nspace, together with the funding provided by this transaction, will help the\ncompany to meet the demand for its offering across the country and achieve its\ngrowth objectives,\u201d said Mr. Keinan, SHG\u2019s CEO. <\/p>\n\n\n\n
\u201cBoston Omaha\u2019s largest business\ninterests align behind building American infrastructure. We are attracted to\nthe exceedingly high barriers to entry for additional, valuable hangar supply\nat key airports, all while being financed in an advantaged low-cost way. We\nbelieve Tal has built a best-in-class financial and operational team, creating\nconsiderable strategic value in the time we have known them. The team has\nrefined a competitive business model that can scale and we are excited to partner\nwith Sky Harbour,\u201d said Adam Peterson and Alex Rozek, Co-Chairpersons and\nCo-CEOs of Boston Omaha and Yellowstone. <\/p>\n\n\n\n
Business Combination Transaction Overview<\/strong> <\/p>\n\n\n\n approximately 58% percent of the issued and outstanding\nshares of common stock immediately following the closing of the business\ncombination. <\/p>\n\n\n\n The combined company expects to\nreceive up to $238 million in gross proceeds, assuming no redemptions of\nYellowstone\u2019s existing public stockholders. This figure excludes additional\nfunds which may be raised in the PIPE. All SHG equityholders are retaining 100%\nof their equity in the combined company. The cash proceeds are expected to be\nused to fund the completion of four initial airport hangar campuses in addition\nto expansion at SHG\u2019s location currently in operations. <\/p>\n\n\n\n The transaction has been\nunanimously approved by the Yellowstone Board of Directors, as well as the\nBoard of Managers and all equityholders of SHG, and is subject to the\nsatisfaction of customary closing conditions, including the approval of the\nshareholders of Yellowstone and the receipt by SHG of at least $80 million in a\nprivate activity bond financing currently expected to close in September. The\ncombined $100 million investment and commitment to backstop by Boston Omaha was\napproved unanimously by the Board of Directors of Boston Omaha. <\/p>\n\n\n\n Additional information about the\nproposed business combination, including a copy of the equity purchase\nagreement and investor presentation, will be provided in a Current Report on\nForm 8-K to be filed by Yellowstone with the Securities and Exchange Commission\nand available at www.sec.gov. The investor presentation can also be found on\nSky Harbour\u2019s website at www.skyharbour.group<\/a>.\n<\/p>\n\n\n\n SHG is being advised by Morrison\n& Foerster LLP and Yellowstone is being advised by Gennari Aronson, LLP. <\/p>\n","protected":false},"excerpt":{"rendered":" Sky Harbour LLC (\u201cSHG\u201d), a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars, today announced it has entered into a business combination agreement with Yellowstone Acquisition Company (NASDAQ: YSAC, YSACU and YSACW) (\u201cYellowstone\u201d), a publicly traded special purpose acquisition company sponsored by Boston Omaha Corporation (NASDAQ:BOMN) (\u201cBoston Omaha\u201d). Upon […]<\/p>\n","protected":false},"author":3,"featured_media":19338,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[115],"tags":[],"class_list":["post-19337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-news"],"jetpack_featured_media_url":"https:\/\/stateaviationjournal.com\/wp-content\/uploads\/Sky-Harbour-Group-edit.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/19337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/comments?post=19337"}],"version-history":[{"count":1,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/19337\/revisions"}],"predecessor-version":[{"id":19340,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/19337\/revisions\/19340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/media\/19338"}],"wp:attachment":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/media?parent=19337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/categories?post=19337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/tags?post=19337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}