Sky Harbour Group Corporation Reports First Quarter 2022 Financial Results, Effectiveness of Form S-1 for Shares Underlying Its Warrants and Acquisition of Miami-Opa Locka Airport Lease
May 12 2022 - 8:48PM
Business Wire
Sky Harbour Group Corporation (NYSE American: SKYH, SKYH WS)
(“SHG” or the “Company”), an aviation infrastructure company
building the first nationwide network of Home-Basing Solutions
(“HBS”) for business aircraft, today announced financial results
for the quarter ended March 31, 2022.
Tal Keinan, Chairman and Chief Executive Officer, commented,
“Sky Harbour marked key milestones in the first quarter of 2022.
The company completed its business combination with the Yellowstone
acquisition company, adding an additional $60 million of fresh
equity. The site acquisition, development and construction, and
leasing teams have all grown significantly. With the best
professionals serving in the right positions, the company has
entered an accelerated growth phase in all areas. Construction and
leasing continue to advance, and we hope to announce new Sky
Harbour locations in the coming months. We look forward to
commencing flight operations at Nashville phase 2 in July, and at
Miami phase 1 in September. The backdrop of Sky Harbour’s growth is
a dramatically expanding United States business aviation fleet,
making the United States hangar supply shortage increasingly acute.
Sky Harbour will continue to push forward at full steam, addressing
one of business aviation’s most pressing challenges, and pressing
our unique advantage to maximize value for you, our
shareholders.”
First Quarter 2022 Financial and Business Highlights:
- Completed the “Yellowstone Transaction”, in which our
predecessor, Yellowstone Acquisition Company (“Yellowstone”),
consummated the Equity Purchase Agreement, dated as of August 1,
2021 (the “Equity Purchase Agreement”), with Sky, a Delaware
limited liability company. As a result, the Company was reorganized
as an umbrella partnership-C corporation, or “Up-C”, structure in
which substantially all of the operating assets of the Company are
held by Sky and SHG’s only substantive assets are its equity
interests in Sky (the “Common Units”)
- Upon closing of the Yellowstone Transaction, received an
additional $45 million equity investment from Boston Omaha through
the BOC PIPE
- $233 million of cash and U.S. Treasury securities available to
support the Company’s scalable business strategy
Form 10-Q
SHG filed in a Quarterly Report on Form 10-Q the unaudited
consolidated financial statements for the quarter ended March 31,
2022. Investors can find the filing on the SEC’s website,
www.sec.gov.
Recent Developments
On April 29, 2022, our wholly-owned subsidiary outside the
Obligated Group purchased the underlying ground lease at Miami-Opa
Locka Airport from the sublessor for approximately $8.5 million,
and now lease the property directly from Miami-Dade County (“MDC”).
The transaction also required us to pay approximately $1.0 million
in transfer fees to MDC. The transaction extends the term of our
ground lease by 10 years until 2079 and is expected to decrease the
Company’s cash ground lease payments by at least $30 million over
the term of the lease on an undiscounted basis.
S-1 Registration Statement
SHG filed a Registration Statement on Form S-1 (the “Form S-1”)
for (i) issuance of up to 14,519,218 shares of Class A Common Stock
issuable upon exercise of 6,799,439 Public Warrants and 7,719,779
Private Warrants. The Form S-1 also registered the resale of up to
7,719,779 Private Warrants and the shares of Class A Common Stock
underlying such warrants held by BOC Yellowstone LLC, an affiliate
of the Sponsor of YSAC. Both the Private Warrants and their
underlying shares of Class A Common Stock are subject to lock-up
provisions as detailed in the Form S-1. The SEC declared the Form
S-1 effective on May 5th, 2022, and the holders of the Warrants may
presently exercise their Warrants with cash in accordance with the
Warrant Agreement dated October 21, 2020 thru their respective
broker-dealers.
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure
development company building the first nationwide network of
Home-Basing Solutions (“HBS”) for business aircraft. We develop,
lease and manage general aviation hangars across the United States,
targeting airfields in the largest growth markets with significant
aircraft populations and high hangar demand. Our HBS campuses
feature exclusive private hangars and a full suite of dedicated
services specifically designed for home-based aircraft. To learn
more, visit www.skyharbour.group.
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 anticipated benefits of the business
combination, and the financial condition, results of operations,
earnings outlook and prospects of SHG may include statements for
the period following the consummation of the business combination.
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 SHG as
applicable and are inherently subject to uncertainties and changes
in circumstances and their potential effects and speak only as of
the date of such statement. There can be no assurance that future
developments will be those that have been anticipated. 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. These risks and uncertainties include,
but are not limited to, those discussed and identified in the
public filings made or to be made with the SEC by SHG, including
the filings described above, regarding the following: the
effectiveness of the Form S-1; expectations regarding SHG’s
strategies and future financial performance, including its future
business plans, expansion plans or objectives, prospective
performance and opportunities and competitors, revenues, products
and services, pricing, operating expenses, market trends,
liquidity, cash flows and uses of cash, capital expenditures, and
SHG’s ability to invest in growth initiatives; SHG’s ability to
scale and build the hangars currently under development or planned
in a timely and cost-effective manner; the implementation, market
acceptance and success of SHG’s business model and growth strategy;
the success or profitability of SHG’s hangar facilities; SHG’s
future capital requirements and sources and uses of cash; SHG’s
ability to obtain funding for its operations and future growth;
developments and projections relating to SHG’s competitors and
industry; the ability to recognize the anticipated benefits of the
business combination; geopolitical risk and changes in applicable
laws or regulations; the possibility that SHG may be adversely
affected by other economic, business, and/or competitive factors;
operational risk; risk that the COVID-19 pandemic, and local,
state, and federal responses to addressing the pandemic may have an
adverse effect on SHG’s business operations, as well as SHG’s
financial condition and results of operations. Should one or more
of these risks or uncertainties materialize or should any of the
assumptions made by the management of SHG prove incorrect, actual
results may vary in material respects from those projected in these
forward-looking statements. SHG 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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version on businesswire.com: https://www.businesswire.com/news/home/20220512006127/en/
Investor Relations: Kyle Nagarkar Solebury Trout
Investors@skyharbour.group
Media: Laurie Steinberg Solebury Trout
lsteinberg@soleburytrout.com
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