Sky Harbour Upsizes Direct Placement by $10M, Adds Strategic Investor
SKYH sits 23% above its 52-week low of $8.22.
Summary
Sky Harbour is adding $10 million to its recent registered direct placement, selling 1 million shares to M-Cor Capital at $10.00 per share — the same price as the original $40 million offering that closed last week. The two initial investors waived their 90-day lock-up to allow this third tranche, and the company says it does not expect to seek further waivers. Proceeds will fund hangar development and corporate purposes. This follows the $40 million direct offering at $10.00 announced August 12, which was priced at a discount to the then-current stock. The upsizing signals continued demand from a strategic investor with aviation industry expertise, and the lock-up waivers suggest the original investors are comfortable with the additional dilution.
At the time of this announcement, SKYH was trading at $10.13 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $782.3M. The 52-week trading range was $8.22 to $11.70. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.