Sky Harbour Group Corporation announced that it has entered into a common stock purchase agreement with B. Riley Principal Capital II, LLC for 36 months on August 18, 2022. The company will issue up to the lesser of 10,000,000 class A common stock with par value $0.0001 per share and exchange cap of 11,420,253 shares of common stock. The company expects to continue the transaction for more than a year.

The transaction is expected to close in multiple tranches. Over the term of the transaction, the company may choose to direct B. Riley Principal Capital II, LLC to purchase the lesser of 1,000,000 common shares or 20% of the total aggregate number of shares traded on the NYSE American LLC during the purchase valuation period. The company expects to raise $45,955,000 by issuing securities pursuant to exemption provided under Regulation D.