---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-22-028746"
form_type: "8-K"
ticker: "BOC"
cik: "0001494582"
company_name: "BOSTON OMAHA Corp"
filed_at: "2022-12-08T23:59:59+00:00"
generated_at: "2026-06-21T07:27:33.747947+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-22-028746
- form_type: 8-K
- ticker: BOC
- cik: 0001494582
- company_name: BOSTON OMAHA Corp
- filed_at: 2022-12-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1494582/000143774922028746/0001437749-22-028746-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1494582/000143774922028746/bomn20221208_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-22-028746
- JSON: https://secwatch.observer/filing/0001437749-22-028746.json
- Plain text: https://secwatch.observer/filing/0001437749-22-028746.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1494582/000143774922028746/0001437749-22-028746-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.