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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 14, 2023
Sky Harbour Group Corporation
(Exact name of registrant as specified in its charter)
Delaware
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|
001-39648
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85-2732947
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(State or other jurisdiction
of incorporation)
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|
(Commission
File Number)
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|
(IRS Employer
Identification No.)
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136 Tower Road, Suite 205
Westchester County Airport
White Plains, NY
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10604
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(Address of principal executive offices)
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(Zip Code)
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(212) 554-5990
Registrant’s telephone number, including area code
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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|
Trading Symbol(s)
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Name of each exchange on which registered
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Class A common stock, par value $0.0001 per share
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SKYH
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NYSE American LLC
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Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
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SKYH WS
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|
NYSE American LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 14, 2023, Sky Harbour Group Corporation (the “Company”), issued a press release announcing its financial results for the three and six months ended June 30, 2023. A copy of the press release is furnished hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 2.02 by reference.
On August 15, 2023, the Company furnished information in the form of an investor presentation (the “Investor Presentation”) to its investors, analysts, shareholders and other parties at a scheduled investor meeting. A copy of the Investor Presentation is furnished hereto as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this Item 2.02 by reference.
In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The Exhibit Index set forth below is incorporated herein by reference.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 15, 2023
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SKY HARBOUR GROUP CORPORATION
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|
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By:
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/s/ Tal Keinan
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Name:
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Tal Keinan
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Title:
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Chief Executive Officer
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Exhibit 99.1
Sky Harbour Group Corporation Announces its 2023 Q2 Financial Results and Updates on Leasing, Construction and New Ground Lease Activities
West Harrison, New York – August 14th, 2023 – Sky Harbour Group Corporation (NYSE American: SKYH, SKYH WS) (“SHG” or the “Company”), an aviation infrastructure company building the first nationwide network of Home-Basing campuses for business aircraft, announced the release of its 2023 2nd quarter Financial Results in Form 10-Q. Please see the following link to access the filing:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001823587/000143774923023730/ysac20230630_10q.htm
Highlights of the results and other recent events are:
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●
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Q2 2023 revenues increased 322% as compared to Q2 2022 and 56% compared to Q1 2023
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●
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SG&A expenses decreased 5% compared to Q2 2022
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●
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Net cash flow used in operating activities during the six months ended June 30, 2023 improved to $9.1 million from $24.3 million during the six months ended June 30, 2022.
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●
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New executed hangar tenant lease rent at record level.
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●
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The Company continues to maintain strong liquidity and capital resources. As of June 30, 2023, cash, restricted cash, and US Treasury investments amounted to approximately $150 million.
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●
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The Company announced the completion of its acquisition of pre-engineered metal building (PEMB) manufacturing company, RapidBuilt.
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●
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Houston, Nashville and Miami facilities are 94%, 64% and 71% leased, respectively, as of August 14, 2023. The company projects full occupancy by Q4 2023.
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●
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Construction of phase 1 campuses in Phoenix and Denver are underway and Addison (Dallas) Phase 1 is in pre-development, with expected completion in March 2024, May 2024, and October 2024, respectively. Please see the link below for the latest monthly report as filed by Sky Harbour Capital LLC in MSRB/EMMA:
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https://emma.msrb.org/P11686737-P11297634-P11728097.pdf
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●
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Exclusive negotiations are underway for new ground leases at six target airports.
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o
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All of these are in key metro markets, with average projected tenant rents expected to exceed those in our first six campuses.
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o
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The aggregate potential square footage of Sky Harbour hangar capacity at these six airports is approximately 1.5 million square feet.
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|
o
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The Company expects that three of these ground leases will be finalized by Q4 2023, with the other three finalized by Q2 2024.
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●
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The new project pipeline continues to expand, and now includes dozens of airports.
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Following the acquisition of a controlling interest of RapidBuilt on May 12, 2023, the Company moved expeditiously to integrate its employees, operations, accounting, finance and information technology. For the foreseeable future substantially all of RapidBuilt’s activities will be dedicated to designing and manufacturing the steel components of the Company’s new hangar campuses.
Tal Keinan, Chairman and Chief Executive Officer, commented on the Q2 results and other recent events:
“The Sky Harbour team’s energies remain focused on the dual objectives of 1) maximizing unit economics and 2) aggressively pursuing scale.
While unit economics have exceeded our projections, we have faced headwinds from increases in construction and financing costs. As our results suggest, these cost increases are more than offset by rent inflation in the business aircraft storage space, which remains pervasive across US metro markets. Still, the company is implementing strategies to increase its control over factors that drive unit economics. Vertical integration is one of these strategies.
The site acquisition team continues to grow as the company's project pipeline grows. The gestation period for a target airport, from initial contact to win, has typically fallen between twelve and 24 months. With several dozen site acquisition projects commenced last year, new wins have begun to materialize, and all phases of the pipeline have continued to expand. As the Company’s offering is now tested in multiple markets, site acquisition is increasingly focused on the country's top metro markets - defined by prevailing rents. As per-square-foot development costs and operating expenses vary across geographies within a relatively tight range, tenant rents are the number one factor driving unit economics.
Sky Harbour has become recognized by the top flight departments in its markets as the best Home Basing offering in business aviation. We believe this recognition has grown out of a thoughtful integration between the best physical product and the best service offering in business aviation. We continue to invest in growing a team of the highest caliber, in pursuit of constant refinement and improvement, with the intention of leading our space for years to come.”
Sky Harbour will host a live conference call and concurrent webcast at 4:30 p.m. ET on August 15, 2023. To join the webcast, please use the following link: https://events.q4inc.com/attendee/150507316
For audio-only conference call, please use the following participant details:
Toll-Free Dial-In Number: 1 (888) 660-6739
Toll Dial-In Number: 1 (929) 203-0875
Conference ID: 3259957
Please note that questions may only be submitted in writing during the webcast through the platform link above.
About Sky Harbour Group Corporation
Sky Harbour Group Corporation is an aviation infrastructure company developing the first nationwide network of Home-Basing campuses for business aircraft. The company develops, leases and manages general aviation hangars across the United States. Sky Harbour’s Home-Basing offering aims to provide private and corporate customers with the best physical infrastructure in business aviation, coupled with dedicated service tailored to based aircraft, offering the shortest time to wheels-up in business aviation. To learn more, visit www.skyharbour.group.
Forward Looking Statements
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of SHG may include statements for the period following the consummation of the business combination. When used in this press release, the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of SHG as applicable and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in the public filings made or to be made with the SEC by SHG, including the filings described above, regarding the following: expectations regarding SHG’s strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and SHG’s ability to invest in growth initiatives; SHG’s ability to scale and build the hangars currently under development or planned in a timely and cost-effective manner; the implementation, market acceptance and success of SHG’s business model and growth strategy; the success or profitability of SHG’s hangar facilities; SHG’s future capital requirements and sources and uses of cash; SHG’s ability to obtain funding for its operations and future growth; developments and projections relating to SHG’s competitors and industry; the ability to recognize the anticipated benefits of the business combination; geopolitical risk and changes in applicable laws or regulations; the possibility that SHG may be adversely affected by other economic, business, and/or competitive factors; operational risk; risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on SHG’s business operations, as well as SHG’s financial condition and results of operations. Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of SHG prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. SHG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Investor Relations:
investors@skyharbour.group
Attn: Francisco X. Gonzalez, CFO
Exhibit 99.2
v3.23.2
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Sky Harbour (AMEX:SKYH)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Sky Harbour (AMEX:SKYH)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024