Sky Harbour LLC and Yellowstone Acquisition Company entered into a definitive equity purchase agreement, which was subsequently announced on August 2, 2021. Immediately thereafter, BOC YAC Funding LLC, a Delaware limited liability company, a wholly owned subsidiary of Boston Omaha Corporation (“Boston Omaha”), entered into a Series B Preferred Unit Purchase Agreement with SHG, which was also subsequently announced. As part of the transaction, BOC YAC has agreed to invest $55 million directly into SHG, and upon the successful consummation of the business combination between SHG and Yellowstone, this investment will convert into 5,500,000 shares of the post-combination public company's Class A Common Stock, valued at $10.00 per share.

The BOC Initial Investment, has been funded into escrow, is expected to be released to SHG immediately prior to the closing of the bond sale as discussed in Item 8.01 below, and is contingent upon SHG raising at least $80 million in a private activity bond offering. In the event the Business Combination is not consummated, Boston Omaha's investment will remain as Series B Preferred units of SHG.