Revelstone Capital Acquisition in a regulatory filing said all outstanding shares of Class A stock have been redeemed for $10.74 per share. At the time of liquidation the trust held about $13.8 million after deducting $100,000 interest to pay dissolution expenses and taxes owed by the SPAC.
The decision to shut down followed the collapse in February of a deal with SetJet, a private jet membership company offering “buy a seat, not the jet” charters.
The deal was announced in July at an implied pro-forma enterprise value of approximately $80 million.
At June 30 there was approximately $36.8 million in the Revelstone trust account, although the SPAC was later hit with further redemptions. Read more.
