Revelstone Capital Acquisition today announced its S-4 has been declared effective by the SEC and called a Dec. 27 meeting at 11:30 a.m. Eastern for shareholders to vote on its proposed merger with Set Jet.
The target is a membership-based private jet membersip company facilitating luxurious “buy a seat, not the jet” charters that promise “the ultimate travel experience at a fraction of the cost of a typical private jet charter.” 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.
The proposed merger was announced in July at 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.
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. Read more.
