Boston Omaha files $100M ATM equity program; warns of likely impairment on Sky Harbour ($3.03 vs $8.16 carry)

BOSTON OMAHA Corp

ATM program allows sale of up to $100M in Class A common stock through Wells Fargo Securities; proceeds for growth and acquisitions.
Sky Harbour risk factor: carrying value $8.16/share vs closing price $3.03 on Dec 7, 2022; company holds 13,118,474 shares.
If Sky Harbour's stock price does not recover above $8.16 in near-term, likely impairment charge on equity-method investment.
Also holds warrants for 7,719,779 shares at $11.50; if ownership drops below 20% (currently ~23%), mark-to-market volatility in earnings.
ATM program is intended to fund fiber broadband, billboards, insurance, and other acquisitions; no obligation to sell.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BOSTON OMAHA Corp entered into Sales Agreement with Wells Fargo Securities, LLC valued at up to $100,000,000 (effective 2022-12-08).

Action: entry
Agreement: atm program
Counterparty: Wells Fargo Securities, LLC
Value: up to $100,000,000
Effective: 2022-12-08

Exact text from the filing

On December 8, 2022, Boston Omaha Corporation (the “Company”), entered into an at-the-market equity offering program (the “ATM Program”) pursuant to a Sales Agreement (the “Sales Agreement”) by and between the Company and Wells Fargo Securities, LLC ( “Wells Fargo Securities”).

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BOSTON OMAHA Corp filing history →

Source: SEC EDGAR

accession 0001437749-22-028746

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