Yellowstone Acquisition announced late last night that Boston Omaha, through its subsidiary BOC YAC, has agreed to provide $45 million of PIPE financing to support the SPAC’s business combination with Sky Harbour. In addition to the $55 million Series B investment that will convert to Class A common stock upon completion of the business combination, that brings the PIPE up to $100 million.
In consideration of the investment, Sky has agreed to waive the $150 million minimum financing condition.
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.
