Yellowstone Acquisition Co

The financing has a floor and a backstop rather than a fixed PIPE: Boston Omaha's subsidiary has already put $55.0 million into Sky, converting at closing into 5,500,000 Class A shares valued at $10.00 per share; a Subsequent PIPE of approximately $100 million is being sought; and Boston Omaha will fund up to $45 million more at $10.00 per share if Available Buyer Financing falls below the $150.0 million Minimum Available Buyer Financing Amount. Assuming no redemptions and a $100.0 million Subsequent PIPE, current YAC stockholders expect approximately 17.55% of the voting interests.

What changed: Item 1.01 8-K of Sky Harbour Group Corporation (NYSE: SKYH). On August 10, 2026 the company entered into a Stock Purchase Agreement with certain investors to sell 4,000,000 shares of Class A common stock in a registered direct offering at $10.00 per share; the offering closed on August 12, 2026 and generated aggregate gross proceeds of $40.0 million before expenses, which the company intends to use for general corporate purposes. Why it matters: $40.0 million of new primary equity was issued at a fixed $10.00 per share, and an existing large holder sold a further 360,000 shares at the same price in a separate secondary transaction from which the company receives nothing.

What changed: Exhibit 99.1 to an 8-K of Sky Harbour Group Corporation (NYSE: SKYH): the Q2 2026 results and business update. Constructed assets and construction in progress exceeded $393 million at quarter end, up $65 million year to date. Consolidated revenues rose approximately 50% year over year and 13% sequentially, and net cash provided by operating activities was approximately $0.5 million against $3.9 million used in Q1 2026 — which the company states is the first quarter of recurrent positive operating cash flow in its history. Why it matters: Guidance is expressed as an annualized run rate at a point in time rather than a full-year figure, and the reaffirmed range implies growth from the $39.4 million Q2 run rate. Positive operating cash flow of $0.5 million is a first for the company on its own statement, against $658.9 million of liabilities on the balance sheet.

What changed: Q2 2026 10-Q of Sky Harbour Group Corporation (NYSE: SKYH). Total revenue was $9,855 thousand for the quarter versus $6,588 thousand a year earlier — rental $7,030 thousand and fuel $2,825 thousand — and $18,580 thousand for the six months versus $12,180 thousand. Total expenses were $16,623 thousand versus $14,116 thousand, giving an operating loss of $(6,768) thousand versus $(7,528) thousand. Why it matters: Debt roughly doubled over the half-year to fund construction, and the swing from prior-year net income is the smaller warrant gain rather than operations, where the loss narrowed. Most of the new cash is restricted to construction use.

What changed: Sky Harbour Group Corporation, the Yellowstone Acquisition successor, disclosed a Second Amendment dated June 29, 2026 to the Draw Down Note Purchase and Continuing Covenant Agreement among Sky Harbour Capital II LLC, other borrowers, the lenders and JPMorgan Chase as agent. It permits borrowing up to $20 million for the second phase of the Opa Locka project at Miami-Opa Locka Executive Airport, without adding that project to the borrowing base. Sky Harbour Capital II drew the full $20 million the same day, and the company must contribute at least $20 million back. Why it matters: The structure is telling: the lenders allowed $20 million to be drawn for a project that is not in the borrowing base and whose owner is not a borrower, but required a matching $20 million replenishment from the company. In substance this is a bridge against the Series 2026 bond proceeds rather than new credit capacity. For former YSAC holders it funds construction without issuing equity, but it also shows the term loan facility is being stretched around its own collateral rules.

What changed: At Sky Harbour Group Corporation's 2026 Annual Meeting on June 18, 2026, stockholders approved an amendment to the 2022 Incentive Award Plan increasing the Class A common stock reserved for issuance by 1,500,000 shares, with no other terms modified. Five proposals were voted on. One passed 47,649,011 for, 2,122,060 against, 2,343 abstentions and 7,883,942 broker non-votes; ratification of EisnerAmper LLP as auditor for the fiscal year ending December 31, 2026 passed 57,642,943 for, 13,514 against and 899 abstentions. Why it matters: The substantive item is the 1,500,000-share increase in the equity plan reserve, which is direct dilution of Class A holders and was approved with a notably larger against vote and broker non-vote block than the auditor ratification. The contrast between those two tallies shows compensation, not audit, is where shareholder resistance sits. Nothing here concerns a trust account, since the company is post-combination.