An aggregate of 12,061,401 shares of Yellowstone’s common stock were presented for redemption, removing 88.694% of YSAC’s trust. Holders of 13,804,846 shares of common stock of Yellowstone were present at today’s meeting, representing 81.2% of the voting power.
The SPAC supplemented the deal’s financing by adding a forward purchase agreement last week. The FPA included financing up to $70 million through an affiliate of Atalaya Capital Management LP. Yellowstone and ACM ARRT VII E LLC, the seller, entered into an agreement for an equity prepaid forward transaction. ACM ARRT VII E intends to purchase shares of common stock after the date of the FPA from holders of shares who have redeemed.
In late December, Yellowstone converted a $45 million backstop into a PIPE commitment in exchange for its target waiving its minimum cash condition. The funding, which came from Yellowstone affiliate Boston Omaha Corporation (NASDAQ:BOMN), was originally slated to replace financing from redeeming shareholders as a part of a backstop agreed upon in August. It is now fully committed in addition to a $55 million pre-close Series B investment by Boston Omaha, which will convert to Class A shares at close.
The parties expect to close the deal shortly, and the combined company’s stock and warrants are expected to begin trading on the NYSE under the symbols “SHGC” and “SHGCWS,” respectively, tomorrow, January 26, 2022.
The parties originally announced their $777 million combination on August 2. West Harrison, New York-based Sky Harbour develops and leases aviation infrastructure facilities across the US, with scaled up comfort features as compared to community hangars.
- SHG is being advised by Morrison & Foerster LLP
- Yellowstone is being advised by Gennari Aronson, LLP.