Set Jet, a membership-based private jet charter program, and Revelstone Capital Acquisition announced today that they have entered into a definitive merger agreement an implied pro-forma enterprise value of approximately $80 million. The deal also includes an additional $65 million earnout for Set Jet shareholders and management.
If approved, upon closing Set Jet plans to list on the Nasdaq under the symbol SJET. The deal is expected to close during the fourth quarter.
The SPAC recently extended its deal completion deadline to Dec 21 on a month-to-month basis.
At June 30 there was approximately $36.8 million in the Revelstone trust account, subject to possible redemption at the close of the business combination. In addition to the cash in trust, funding includes an $18 million private placement from Coleman, in the form of a pre-PIPE of $4 million which will be invested prior to closing, and a PIPE of $14 million at closing.
Set Jet is a membership-driven technology company facilitating luxurious “buy a seat, not the jet” private jet charters that promise “the ultimate travel experience at a fraction of the cost of a typical private jet charter.”
Set Jet’s platform enables security pre-screened and approved members to self-aggregate and share a private jet charter between frequently traveled destinations to many of the West Coast’s top destinations including Aspen, Cabo San Lucas, Las Vegas, Los Angeles, Orange County, San Diego, Salt Lake City, and Scottsdale.
The company’s asset-light business model means it neither owns nor operates any aircraft. Professional Part 135 on-demand charter operator partners provide aircraft for Member charters, pilots, and related aircraft services. Read more.
