Sky Harbour Group, the rapidly growing developer of a network of upscale hangars for business aircraft, completed its second equity closing, issuing nearly 4 million shares of Class A common stock and raising $37.6 million. The aggregate proceeds from both equity raises have reached some $75.2 million, the company said.

Sky Harbour plans to issue another $150 million in private activity debt financing in the first half of 2025 and bring its proceeds to nearly $240 million as it works to build a nationwide network of hangars. The company said the funding will support projects at six to seven new airport campuses, representing some 800,000 sq ft of rentable space in addition to the 1 million sq ft it has already funded.

In all, Sky Harbour plans to add seven ground leases by the end of next year, extending its reach to 23 airports.

Participants in the latest funding round included affiliates of Altai Capital and Raga Partners, Boulderado, and the family office of Sky Harbour Group board member Alex Rozek, along with new long-term investors.

“Sky Harbour has had the good fortune to attract truly strategic investors to its shareholder community,” noted CEO Tal Keinan. “We are grateful for our new partners and for existing partners who have increased their stakes in Sky Harbour.”

The funding round comes as Sky Harbour recently received approval for uplisting on the New York Stock Exchange (NYSE) from the NYSE American. Its common stock and warrants will cease trading on the NYSE American after market close on January 24 and begin trading on the NYSE on January 27 under the symbols of SKYH (common stock) and SKYH WS (warrants).

“Sky Harbour has been listed on the NYSE American since going public in early 2022. Now that we have met the requirements of the ‘Big Board,’ we are pleased to join larger capitalization and more liquid public companies at the NYSE,” said Sky Harbour CFO Francisco Gonzalez. “We believe this move will provide enhanced visibility, expand our investor base, and increase liquidity for our public stockholders.”