Sky Harbour and Yellowstone Acquisition today announced that Yellowstone has entered into a forward purchase agreement for up to $70 million with an affiliate of Atalaya Capital Management.
ACM intends to buy redeemed shares from other investors up to the agreed-upon amount.
Yellowstone last month converted a $45 million backstop into PIPE financing with Boston Omaha. Merger target Sky Harbour in return agreed to waive the deal’s $150 million minimum cash requirement.
Sky Harbour is establishing a network of turnkey upscale business aviation hangar complexes.
Yellowstone announced the merger agreement in August with the private aviation infrastructure company. At that time, the combined company was expected to receive up to $238 million in gross proceeds, assuming no redemptions. Read more.
