Aviation infrastructure developer Sky Harbour Group has successfully uplisted to the New York Stock Exchange (NYSE) from the NYSE American.
Trading of Sky Harbour’s common stock and warrants will cease on the NYSE American on January 24, 2025, and will commence on the NYSE on January 27, 2025.
The trading symbols will remain “SKYH” and “SKYH WS,” respectively.
“Sky Harbour has been listed on the NYSE American since going public in early 2022. Now that we have met the requirements of the “Big Board,” we are pleased to join larger capitalization and more liquid public companies at the NYSE,” commented Francisco Gonzalez, Sky Harbour’s chief financial officer.
“We believe this move will provide enhanced visibility, expand our investor base and increase liquidity for our public stockholders.”
Chris Taylor, vice president, global head of listings and services at NYSE Group, congratulated Sky Harbour on its achievement. “We look forward to working with the Company for years to come, as it continues to take advantage of the visibility and liquidity that the NYSE uniquely provides,” said Taylor.
Sky Harbour completes second closing of equity raise
The company also announced successful completion of the second closing of its previously announced equity raise.
It issued an additional 3,955,790 shares of its Class A Common Stock to PIPE investors who participated in the first closing. This issuance, at a price of $9.50 per share, generated approximately $37.6m in net proceeds. With this closing, the total proceeds from the equity raise reach approximately $75.2m, fully utilising the planned capacity.
Sky Harbour plans to utilise these funds, along with approximately $150m in anticipated private activity debt financing and existing cash reserves (totalling approximately $240m), to support the initial development phase at 6-7 new airport campuses.
Furthermore, Sky Harbour anticipates securing seven new ground leases by the end of 2024, expanding its portfolio to 23 airports.
The PIPE participants in this closing include affiliates of Altai Capital and Raga Partners, Boulderado (the family office of SHG Board member Alex Rozek), and several new long-term investors.
“Sky Harbour has had the good fortune to attract truly strategic investors to its shareholder community. We are grateful for our new partners, and for existing partners who have increased their stakes in Sky Harbour,” said the company’s CEO Tal Keinan.
