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Note 20 - Subsequent Events
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 20.

SUBSEQUENT EVENTS

 

On January 25, 2022, Yellowstone completed the previously announced proposed business combination with SHG following stockholder approval. Following the consummation of the business combination, SHG became a consolidated subsidiary of Yellowstone, which was renamed SHG Corporation, shares of which listed for trading on the New York Stock Exchange under the symbol “SKYH”.  Also in connection with the business combination, SHG Corporation entered into a subscription agreement with BOC YAC, LLC, our wholly-owned subsidiary, pursuant to which SHG Corporation issued to us 4,500,000 shares of Class A common stock at a price of $10 per share, for total cash consideration of $45,000,000.  As a result of the business combination, we will no longer consolidate Yellowstone within our financial statements. At March 25, 2022, our total investment in SHG Corporation, consisting of 13,118,474 shares of Class A common stock, after giving effect of the distribution of 75,000 shares of Sky class A common stock to the Yellowstone outside directors and 206,250 shares of Sky class A common stock to an investor in the Yellowstone IPO, and 7,719,779 Private Placement Warrants, based on its closing price on such date, was valued at approximately $326 million. 

 

In connection with the transaction on January 25, 2022, Yellowstone paid the deferred underwriting fee of $4,759,615 as well as the outstanding note payable to sponsor of $1,000,000 in full. 

 

On February 18, 2022, CB&T repurchased shares from an existing shareholder, increasing our ownership percentage to 15.60%.