SmartSky Networks Raises Additional $109M

4/10/17

By Harrison Miller, NC BIZ News

SmartSky Networks LLC, the in-flight high-speed internet provider, has raised an additional $109 million in a private offering, according to a Form D filing with the Securities and Exchange Commission.

The Form D was an amendment to it Feb. 14 filing in which it raised $66.65 million. The additional $109 million was raised in a private stock offering from five investors.

The first sale occurred on Feb. 2. The company does not intend the offering to last more than one year. The offering is not being made in connection with a business combination transaction such as a merger, acquisition or exchange offer. Chairman and Chief Executive Officer Haynes Griffin signed the form.

SmartSky Networks uses cell phone towers to provide 4G LTE connectivity to business and commercial airlines. The company’s air-to-ground platform, which will be rolling out later this year, allows for 60 MHz of spectrum, 20 times the industry standard.

In 2016, SmartSky, previously Jetpool Ventures, entered into a strategic partnership with Avidyne Corp. Avidyne provides computer network and safety systems for aircraft. The two companies will work together to provide products to budget aircraft that are not currently being served.

SmartSky has plans for international expansion once its U.S. network is in place, according to the company website.

Private companies such as SmartSky, which rely on a Reg D exemption, are not required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

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