MoFo News Item

MoFo Advises Sky Harbour LLC in SPAC IPO Through Combination with Yellowstone Acquisition Company

02 Aug 2021

Morrison & Foerster advised Sky Harbour LLC (“SHG”), a developer of private aviation infrastructure focused on building, leasing, and managing business aviation hangars, in connection with its business combination agreement with Yellowstone Acquisition Company (NASDAQ: YSAC, YSACU, and YSACW) (“Yellowstone”), a publicly traded special purpose acquisition company (SPAC) sponsored by Boston Omaha Corporation (NASDAQ:BOMN) (“Boston Omaha”). Upon closing of the business combination, SHG will become a publicly traded company, and it is expected that its common stock will be listed on the NASDAQ exchange.

The combined company will have an implied pro forma equity market value of approximately $777 million at closing. Boston Omaha, through one of its subsidiaries, has agreed to provide $55 million of financing in support of the transaction, which will be funded prior to the closing of the business combination, assuming SHG successfully raises at least $80 million in a private activity bond offering.

SHG addresses the general and pervasive deficit in business aviation hangar infrastructure across much of the United States. The company develops campuses of business aviation hangars, leases them to corporate, private and government flight departments on a long-term basis, and manages the campuses, providing essential services to its tenants.

The MoFo team advising SHG was led by New York corporate partner and co-chair of the firm’s Global Corporate Department Mitchell Presser, Washington, D.C. finance of counsel Rafael Hernandez, New York corporate partners Omar Pringle, Aly El Hamamsy, and John Owen, and Palo Alto corporate of counsel Lee Shepard, together with Washington, D.C. corporate associate John Hensley, San Francisco corporate associate Harry Stanwyck, New York corporate associates Lee Nisson, Joseph Sulzbach, and David Ranzini, Miami corporate associates Roberto Rodriguez, Axel Miranda, and Ludovica Gardani, and Palo Alto corporate associate Shauna France. The wider team included San Francisco executive compensation partner Amanda Hines Gold, and New York tax partner Tony Carbone and of counsel Dave Sturgeon. 

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